Subject to Sauda (or price of application subjected to sauda) is the amount in rupees at which IPO applications are being traded in IPO Grey Market subjected to the seller being alloted the lot. Usually 'Subjected to Sauda' value is slightly less that what can be the actual listing gain.
if 'Subject to Sauda' value is high you can expect a good listing gain as well. If you are not a risk taker and would rather cash in the money, you can decide to sell your application in the grey market.