The IPO swindle

Please read this report that came in DNA newspaper on 11th October:

http://www.dnaindia.com/money/report_va-tech-wabag-offers-ipo-investors-pullout-option_1450812
Enam Securities and IDFC Deutsche Equities (India) were the book running lead managers to the issue.
ICICI Prudential, Birla MF, AIG Global, Canara Robeco, Kotak Mahindra MF, Morgan Stanley MF, Goldman Sachs, Axis MF, HSBC MF, Sundaram BNP Paribas MF and ICICI Lombard GIC as anchor investors.

Looks like merchant bankers will go to any lengths to cheat public. Also shows the shoddy nature of work done by the company and the investment bankers.Also a great reflection on the quality of people churned out by the colleges (IIM's ??)who cannot analyse or even present a balance sheet number!
These kind of investment bankers should be banned for life.
Apparently the co offered an option for investors to pull out. I do not recall seeing any ads. Wonder whether you did.
The right thing would have been for full refund, barring the investment bankers for at least five to ten years and tell the co to file papers with a new banker.
But, commerce prevails over justice to the small investor.
The funny thing is also the due diligence done by the anchor investors! When they put in other people’s money, this is the care they show. Wonder whether there is much more to this issue than meets the eye.
Of course, the media kept quiet either because they were not aware or because they did not want to upset the investment bankers.