Yes, if you wish to cancel your IPO application then this can be done through the platform that you had placed the bid originally. Most platforms allow you to check your active applications, select them, and choose to cancel them. The amount blocked for the IPO cancellation will be released to your bank within 2-3 working days after the allotment process is completed.
Similarly, you can also revise your IPO application in case you want to apply for more or less market lots than you had in your original application. Accordingly, you may need to add more money as part of the IPO purchase (if buying additional lots) or get back funds in your account after the allotment is done.
Do note: most platforms allow cancellation and revision of IPO applications between 10:00 AM and 4:30 PM on trading days. An IPO application cannot be withdrawn once the IPO closes for its subscription.