the interest which an investment banker would have in the size and the pricing of the issue versus comparative elements in that market?

Basu: One would be quite surprised to know that there are many smaller issues which may not be able to find an investment banker today because the cost structure, the returns, the bull market had ensured that a lot of smaller deals whether in the private equity space, whether in the IPO space don’t manage to get a good quality investment bankers and so it’s quite the reverse.

In one end of the market there is just no service available although at the higher end there is lot of competition but the competition among whom? But I can any hardly see difference between ‘X’ investment banker and ‘Y’ investment banker and why should there be? They are all in the same business; they are offering the same services, they are reporting to the same regulator, they are selling the same stuff to the same institutional investors who have exactly the identical expectation and identical practices.

I don’t see the differentiation at all. To give an example we were having a long conversation with a software company which wants to make an issue; very conscientious, very good quality promoters and I just happened to mention that - over a long period of time of your listed existence how much does it matter whether you price issue at Rs 530 or 590 or 450? How does it matter today to Narayana Murthy or Infosys at what price Infosys was priced in 1991 or whatever. I said look at the long-term; it’s okay to leave a bit on the table for everybody and after giving this whole lecture, the CFO asked me, “Why should we leave anything on the table.”So this is quality of the promoter or this is the quality of investment banker.

I can only say one thing that for a retail investor it’s a tough job on whether they should have a longer-term expectation from the IPO market or should really not bother if it its gone bad between the time they have invested and the market has fallen and think that its too bad this particular IPO has gone bad maybe five others have gone right.