All IPO applications above two lakhs are included under HNI Category applications. An IPO application placed below two lakhs comes under retail or any other category the user selects in the IPO application form. The user can change the category in the IPO Order form from Retail to HNI as per the amount. According to the latest SEBI IPO regulations, IPO applications under the HNI category cannot be withdrawn or modified to reduce the number of applications. However, you can modify it to increase the amount of IPO applications.