You might as well do all of the work inside a QUERY
=ARRAYFORMULA(
QUERY(
SUBSTITUTE(
IMPORTHTML("https://ipowala.in/ipo-subscription-status/?refresh="&I6,"table",1),
"*",""),
"select Col1, Col2, Col3, Col4
where not Col1 = 'IPO Name'
order by Col1",0))
This will ditch the headers
If you wanted to remove the * while retaining the actual values, it's a little different. We can leverage the error on converting to values (the double hyphens) and run the substitute in that.
=ARRAYFORMULA(
QUERY(
IFERROR(
--IMPORTHTML("https://ipowala.in/ipo-subscription-status/?refresh="&I6,"table",1),
SUBSTITUTE(
IMPORTHTML("https://ipowala.in/ipo-subscription-status/?refresh="&I6,"table",1),
"*","")),
"select Col1, Col2, Col3, Col4
where not Col1 = 'IPO Name'
order by Col1",0))