In an oversubscribed IPO, pro rata allotment means each applicant gets shares in proportion to their application size, so with three times oversubscription, you might receive roughly one-third of the shares you applied for. But in practice, the lotteries and the regulator's discretionary formulas often mean small retail investors like us get a lower allocation than a strict pro rata. I've seen this in my own portfolio—applying through multiple demat accounts sometimes yields better odds than relying on fair proportion, which is why I never bank on a straightforward calculation. The system has a heart of its own, much like the dil of a hopeful investor.
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