Out of the last 5 IPOs, 3 of the bigger ones withdrew their ipos mainly due to lack of demand for their shares as in the case of Wockhardt Hospitals and SVEC Construction, or due to the fear of having their shares thrashed in the markets as in case of Emaar-MGF . This after token reduction in slabs so as to enable extension of period of IPO in all the cases.
The only IPO that got subscribed through was the IRB Infrastructure Developers Limited due to its relatively good pricing. To be fair these were the worst days in markets after the big crash and things are improving as newer issue promoters are pricing ipos sensibly.
The Reliance IPO, now a classic case, on how to sell dreams, and destroy brands reputation of the promoter and his late father, thanks to the overinflated price bands is under the MOF Scrutiny.
Though i see it going the way of the last enquirers went ie the one after Madhavpura bank / Ketan Parekh scam or the Harshad Mehta scam or the Securities Scam , the fact that it has come to the notice of our parliamentarians is sufficient proof of the rampant fixing and backroom deals between the interested parties so as to push through that ipo.
Who is to blame for this ? The Markets ? The rating agencies that give them a lot of stars while putting lots of ifs and buts in their fine print, Book running Lead Managers, who gave a wrong idea to the promoters- Big names or stalwarts of the Industry or the very very Greedy Promoters who choose to yank off their IPOs rather than sensibly revaluing their IPO price bands?