Doubt on no of lots while applying for IPO

Hello Everyone,

I want to confirm if it is true that if an IPO is oversubscribed, then even if you apply for multiple lots in a single application through one PAN card, you can only get maximum 1 lot even if you are allotted the IPO. If it is true then won't the listing gains be very less with just one lot? And is this why people apply for multiple applications through multiple PAN cards?

Thank you.