The downward curve on Reliance Powers post-launch stock price chart (see India: Reliance Power unplugged by inconstant investors, Euromoney, March 2008) wasnt the only graphic shocker in India last month. In a single week in early February, three Indian corporates Wockhardt Hospitals, real estate firm Emaar MGF and SVEC Constructions pulled their IPOs. The lack of demand for their paper among every class of investor was stunning. Emaars $1.64 billion stock sale performed best but was subscribed just 0.83 times. Investors were even more Scrooge-like with SVECs tiny $10 million sale, which was only a quarter covered. But pity poor Wockhardt, whose $165 million was subscribed a pitiful 0.15 times on the institutional investor side, and just 6.44% among qualified institutional buyers.