Gujarat accounts for 40% of IPO participation in both retail and HNI categories.

Reference - Nithin Kamath's post

Gujarat accounts for about 9% of the total investor customer base, but they account for 40% of IPO participation in both retail and HNI categories.

This data is from SEBI's study on IPOs. Link - https://tradingqna.com/t/sebi-summary-on-investor-behaviour-in-ipos/172665