IPO allocation rules require proportionate allotment across investor categories and allow pre-issue discretionary allocations to eligible investors. The regulation requires a minimum number of allottees and proportionate allotment between institutional and non-institutional investors; under-subscription in the non-institutional category is available to institutional investors. Issuers may make a discretionary pre-issue allocation to eligible investors under anchor-investor requirements for SME exchange offerings, provided such securities are not priced below the price offered to other applicants and eligible investors meet a prescribed minimum application value.