Is there any loss or advantage of applying more than one lot in an IPO?

It all depends on how investors respond to the IPO. If there is not enough interest from investors, you might be allotted the same number of lots that you applied for. This could be a problem as the IPO may not be eligible for a positive listing, and you could lose your investment. If the IPO is overwhelmed by investors due to high demand, regardless of how many lots were applied for, you will only be allocated one lot, even if you are selected in the lottery. Applying for more than one lot can be risky and you may not get any great benefits.