Emaar MGF IPO Subscription as well as Wockhardt IPO Subscription have been cancelled. The reason for the IPO subscription being revoked, even after futile attempts to make the IPO attractive by reducing the price band, is two pronged. The most important reason is that the IPO market seemed sub dued due to the stock market crash in almost all major world markets affecting the sentiment of investors in India. This is made evident from the fact that even the Reliance Power IPO received a large number of stop payments after the IPO closed for subscription. The second reason for the Emaar MGF IPO Subscription and Wockhardt IPO failing was that promoters and lead managers had priced the IPO issues very aggressively since the IPO market in India was looking great until the time both these IPO’s opened for subscription. A fall-off due to the twin IPO failures would be the Reliance Power IPO listing which is likely to provide much lower listing gains than anticipated before. This is evident from the grey market premium of Reliance Power IPO which has been continuously going southwards for the past week or so. Emaar MGF IPO refund and Wockhardt IPO refund will be made by the fourth week of February 2008.