Hi  nilayshah,
There are two way you can change the text.
1. Using multiselect plugin property nonSelectedText.
 <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
 <link rel="stylesheet" type="text/css" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/css/bootstrap.min.css" />
 <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/js/bootstrap.min.js"></script>
 <script src="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/js/bootstrap-multiselect.js"></script>
 <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/css/bootstrap-multiselect.css">
<script type="text/javascript">
    $(function () {
        $('[id*=lstFruits]').multiselect({
            includeSelectAllOption: true,
            nonSelectedText: 'Select User Type' // Here change with your desired text.
        });
    });
</script>
<asp:ListBox ID="lstFruits" runat="server" SelectionMode="Multiple">
    <asp:ListItem Text="Mango" Value="1" />
    <asp:ListItem Text="Apple" Value="2" />
    <asp:ListItem Text="Banana" Value="3" />
    <asp:ListItem Text="Guava" Value="4" />
    <asp:ListItem Text="Orange" Value="5" />
</asp:ListBox>
<asp:Button ID="Button1" Text="Submit" runat="server" OnClick="Submit" />
2. Using data-placeholder attribute.
 <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
 <link rel="stylesheet" type="text/css" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/css/bootstrap.min.css" />
 <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/js/bootstrap.min.js"></script>
 <script src="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/js/bootstrap-multiselect.js"></script>
 <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/css/bootstrap-multiselect.css">
<script type="text/javascript">
    $(function () {
        $('[id*=lstFruits]').multiselect({
            includeSelectAllOption: true
        });
    });
</script>
<asp:ListBox ID="lstFruits" runat="server" SelectionMode="Multiple" data-placeholder="Select User Type"> // Here change with your desired text
    <asp:ListItem Text="Mango" Value="1" />
    <asp:ListItem Text="Apple" Value="2" />
    <asp:ListItem Text="Banana" Value="3" />
    <asp:ListItem Text="Guava" Value="4" />
    <asp:ListItem Text="Orange" Value="5" />
</asp:ListBox>
<asp:Button ID="Button1" Text="Submit" runat="server" OnClick="Submit" />
You can use any one of the approach.
Refer the below sample.
With multiselect property
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <title></title>
</head>
<body>
    <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
    <link rel="stylesheet" type="text/css" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/css/bootstrap.min.css" />
    <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/js/bootstrap.min.js"></script>
    <script src="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/js/bootstrap-multiselect.js"></script>
    <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/css/bootstrap-multiselect.css">
    <script type="text/javascript">
        $(function () {
            $('[id*=lstFruits]').multiselect({
                includeSelectAllOption: true,
                nonSelectedText: 'Select Fruit'
            });
            $('[id*=lstCity]').multiselect({
                includeSelectAllOption: true,
                nonSelectedText: 'Select City'
            });
        });
    </script>
    <select name="lstFruits" multiple="multiple" id="lstFruits">
        <option value="1">Mango</option>
        <option value="2">Apple</option>
        <option value="3">Banana</option>
        <option value="4">Guava</option>
        <option value="5">Orange</option>
    </select>
    <select name="lstCity" multiple="multiple" id="lstCity">
        <option value="1">Mumbai</option>
        <option value="2">Pune</option>
        <option value="3">Bangalore</option>
        <option value="4">Chenai</option>
        <option value="5">Hyderabad</option>
        <option value="6">Bhubaneswar</option>
    </select>
</body>
</html>
 
Demo
With data-placeholder attribute
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <title></title>
</head>
<body>
    <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
    <link rel="stylesheet" type="text/css" href="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/css/bootstrap.min.css" />
    <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/twitter-bootstrap/3.0.3/js/bootstrap.min.js"></script>
    <script src="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/js/bootstrap-multiselect.js"></script>
    <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/bootstrap-multiselect/0.9.13/css/bootstrap-multiselect.css">
    <script type="text/javascript">
        $(function () {
            $('[id*=lstFruits]').multiselect({
                includeSelectAllOption: true
            });
            $('[id*=lstCity]').multiselect({
                includeSelectAllOption: true
            });
        });
    </script>
    <select name="lstFruits" multiple="multiple" id="lstFruits" data-placeholder="Select Fruit">
        <option value="1">Mango</option>
        <option value="2">Apple</option>
        <option value="3">Banana</option>
        <option value="4">Guava</option>
        <option value="5">Orange</option>
    </select>
    <select name="lstCity" multiple="multiple" id="lstCity" data-placeholder="Select City">
        <option value="1">Mumbai</option>
        <option value="2">Pune</option>
        <option value="3">Bangalore</option>
        <option value="4">Chenai</option>
        <option value="5">Hyderabad</option>
        <option value="6">Bhubaneswar</option>
    </select>
</body>
</html>
 
Demo