Today, Jaimini Bhagwati has an article in Business Standard on the IPO process in India. He emphasises the political dimension, where investment bankers have the most to lose if the IPO is disintermediated. Interestingly enough, a recent working paper says that IPO underpricing has not changed in London after 1914. I see this as evidence that the investment bankers have been able to hang on to their rents. (I have written about the IPO process before; So far there doesn't seem to be any progress towards fixing it).