A section of the people apply for IPOs for listing gains, they have no idea about the business, let alone checking about the promoters’ past, and if there is hype surrounded with IPOs in general or with a particular IPO, this section increases. Quicker gains are hard to resist.
On a different note, it is possible that a person has committed a fraud, paid his dues, and has changed his ways, then it is up to the market t decide to trust him or not.
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