No, applying for an IPO does not guarantee you nay shares that would be allocated to you. Simply, applying is no surety to getting the shares as well.
Investing in an IPO is a straightforward process. However, the guarantee to receive any shares under your name is highly unlikely. So the answer to this question will be NO. However, to understand how you get the shares depends on the bidding process as all the allotment procedure of the IPO shares are decided in this pattern.
The bidding process isn’t like your typical bidding process where the highest bidders get the shares. It is then more targeted towards the number of bids the shares might have received in different categories, the price at which the shares are being quoted, the market lot bidding, and much more.
However, once the IPO bidding process closes, a basis of allotment is prepared by the registrar. The document comprises of all the necessary details about the bids made into the IPO and design a pattern at which the allotment of shares must be issued. But it depends upon the registrar and the overall proceedings of the bidding process to come up with a definitive solution to segregate the shares.
Do keep in mind that there is no guarantee of getting your desired lots or getting nothing at all. It’s up to the registrar to allocate every share of the IPO to the rightful bidders who bid for the shares. The patterns could vary diversely based on the bids made, and the outcome could be fruitful provided you have made the right call.