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Example: the VRL Logistics IPO was subscribed 74x, how is it decided who gets shares and who doesnt?

This is assuming the number of those who applied at the highest price point is still greater than the number of shares available

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How over-subscriptions are handled will be one of the many things dealt with in the prospectus.

1

For Retail investors generally the attempt is made to allocate shares to maximum number of subscribers. It depends on how many times it got oversubscribed. The minimum number of shares to be allocated per person is determined, then there is a bracket decided, i.e. anyone's whos applied for Max will get only 10%, anyone whos applied for 50% of max will get 5%, etc. At times even this is not possible if the oversubscribed by huge amount, its then lottery system for eligible subscribers.

The details of how allocation was done is published.

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