• No, separate allocation will not be given. The investor continues to own shares in the holding company. • For Eg If the investor is having shares of Reliance Ltd. (Holding Company) and if it's one of the subsidiaries (Reliance Jio). Here Reliance Ltd will sell some portion of the stake, but not all. Hence the investor will continue to have a stake in the holding company i.e. Reliance. • By this, there will be value unlocking. There will be a proper understanding of the valuation of the company. So this will benefit the holding company as well. • Hence if the holding company is listing its subsidiary business, then there will be no extra share allocation to the investor, and one needs to invest in IPO separately.