Emaar MGF Withdraws IPO

Breaking News: You are Reading this first hereOur analyst in Mumbai is informing that the Greedy management of EMAAR MGF Real Estate has withdrawn the IPO.

We were the only one to BOLDLY put an AVOID rating on the IPO. However, things changed this late afternoon as QIBs and FIIs withdrew their bids and the subscription fell from 0.83% to just 0.43%.