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     EduGorilla 
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    Which of the following statement is incorrect in respect of IPO?

    Options :-

    1. The allocation of shares to investor categories is reserved in every IPO
    2. In case of QIBs, the authority to allot shares is at the discretion of the merchant banker
    3. Qualified institutional buyers, non-institutional investors and retail investors are investor categories
    4. HNIs invest a large amount of money in IPOs. Financial institutions provide funding to HNIs in order to invest in IPOs
    5. There is no maximum amount for retail investors to apply in IPO
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