“Cut-off” option is available for only retail individual investors i.e. investors who are applying for securities worth up to Rs 2,00,000/- only. Such investors are required to tick the cut-off option which indicates their willingness to subscribe to shares at any price discovered within the price band. Unlike price bids (where a specific price is indicated) which can be invalid, if price indicated by applicant is lower than the price discovered, the cut-off bids always remain valid for the purpose of allotment. The cut off option is like saying that you are willing to accept whatever price is eventually discovered through the iterative process. You also need to understand about changing or revising your bid here. Can a retail investor in a book built IPO change/revise the bid? The answer is an emphatic Yes. You can change or revise the quantity or price in the bid using the form for changing / revising the bid that is available along with the application form. However, the entire process of changing or revising the bids shall be completed within the date of closure of the issue. What about cancelling your bid? Yes you can do that too but there are some thing to note here. As a retail investor you can surely cancel your book built bid for an issue. You can cancel your bid anytime before the finalization of the basis of allotment by approaching / writing / making an application to the registrar to the issue.