Nice read:

The Dark Underbelly of India's IPOs - WSJ.com

The article has nothing new for experienced investors, but it's a must read for newbies. .

The point is that investors shouldn't give much weight to IPO subscription levels.

Once a stock is listed, IPO subscription levels mean nothing, only fundamentals of the stock matter.

Also, investors should keep in mind that in the recent years, manipulation and fraud in the IPO market has increased significantly.

For inexperienced investors, it is best to stay away from the IPO market, especially from smaller companies and companies with limited history.

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