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Q. What is the cut-off price, and why should I apply at it?
It is the price at which shares are issued to investors through an IPO.
This price is determined during the allotment process.
When an investor applies for an IPO at a cut-off price, he is indicating that he is willing to bid at that price.
In an ideal world, all retail investors would bid at the cut-off price in order to increase their chances of allocation.