Q: Is there a greater risk sometimes that you ran with the big ticket IPOs where both the pedigree of the promoter and the I-bankers may actually be blue chip and hence they can milk it for a lot more than maybe some of the small guys can?

Mulraj: I think one has to be careful for all IPOs- big ticket or small ticket. If the pricing is optimistic and if you are there only to flip then you are speculating, you are not investing. If you have a longer-term horizon and if you think the IPO price is fair, invest in that IPO or perhaps if you have got a longer-term horizon, you could buy it post-listing. This whole business of flipping and taking money, borrowing and leveraging yourself that’s what gets you into problem.