The list of companies that want to foist IPO's is dominated by property companies. This is simply because the property companies have got stuck with land and unsold property funded by debt. Inability to deliver on payments collected because they diverted money to buying more land.
It is unlikely things will change. These IPOs will get 'fixed' by arranged subscriptions by their lead managers and other professional agencies. Laddering will be in full play. Add to that, the unsavoury practice of "IPO Financing" by the NBFC's ( RBI naturally turns a blind eye to this, because nobody has brought it to their attention) will pull in subscriptions. And mandates will be awarded on the basis of price (whichever lead manager promises highest price, gets the business).
Of course, real estate is just one. We will have a lot of greenfield things, like mega power projects etc which will be priced on earnings visible only through a binocular.
Time to be cautious. But history tells me that suckers never learn.