Most local mutual funds are staying away from Indian IPOs as seen from the response to the recent floats of sterling and wilson solar and spandanasphoorthy financial. Foreign investors dominated the anchor tranche of both IPOs and also bought shares in the non-anchor tranche. "Mutual funds seem to think they can't make any money out of IPOs in the current market conditions and aren't backing them as they did in the past," an ECM banker working on one of the deals said.
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