Answer
The number of IPO lots you receive depends on how investors respond to the offering.
Scenario 1: Low Investor Interest (Undersubscribed)
IPO may not attract much interest and is undersubscribed, so you might get all the lots you applied for. However, this is a risky situation because the stock may not list at a higher price, and you could lose money.
Scenario 2: High Investor Interest (Oversubscribed)
IPO may become oversubscribed due to high demand, then you will typically only be allotted one lot, regardless of how many you applied for. Even then, you must be selected through a lottery process to receive that single lot.
Applying for more than one lot is generally risky and does not offer a significant advantage.