The cut-off price is the offer price at which the get issued to the investors, which could be any price within the price band. When you apply for an at the cut-off price, you won’t have the option to enter the price separately and your bid will be considered at the cut-off price finally discovered. 

Note: Only retail investors can apply for at a cut-off price. HNI investors cannot apply for IPOs at a cut-off price.