I haven't received the OFS allotment despite placing the request before cut-off.
The exchanges decide on the allocation of Offer For Sale (OFS). The cut-off price is determined by bids submitted by the general, i.e., non-retail category, and the allotment price may be higher depending on OFS demand.
The first day of the OFS is reserved for non-retail bids (bids over 2 lakhs or corporate entities). The cut-off price for allocation is calculated based on these non-retail/general bids.
There are two methods of allotment that the exchanges offer the company, based on the method chosen allotment system differs.
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Price Priority basis at multiple prices
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Proportionate basis at a single price
Price priority can trigger at the cut off price irrespective of the bid prices placed by the investor and shares are allotted in accordance to the quantity placed and no. of shares reserved. Price priority basis can also trigger at the bid price to the higher bidder.
Proportionate basis can trigger at cut-off price and reserves the quantity of shares to the investors at in proportion to the quantity they placed during the bid, so everyone gets the shares but quantity is less.
All bids below cutoff price are excluded.