Please Be Discreet and patient, just because an IPO is oversubscribed so many times , does not necessarily mean it will make you money.
I am not trying to discourage you but ,you should know when to book profits and exit to change paper profits into real profits.
There are many instances of oversubscribed IPO's and Ratings of 5/5 or 4/5 which did not deliver money to the investors.
As an example see the IPO's of Reliance Power,Coal India,etc and a whole list of IPO's that flopped.
A guide for you about IPO performance.
http://www.moneycontrol.com/ipo/ipoissues/ipoissues.php?s=LI