Why last day subscriptions are high for IPOs?

Thebullishtrends: This is happening very commonly in our market. It is happening because Investors are waiting to asses how the issue subscribed and they will get a correct conclusin that if they wait till the last day to subscribe the IPO, as the will get exact position. But another side brokerage houses are playing games with us. If you applied for Reliance Power IPO through ICICI direct.com then you could find that they debited your account on the last day even you applied in 15th January'08 it is happening not only for Reliance Power IPO, they did for Future Capital IPO also, but you can ask us what about others? even it happens with Reliance Money and others also.

But why these people are submitting your bids on the last day? it is true that they squeeze your funds and they are really utilising your funds for their own purpose till the last day, even you subscribed on the first day, see Future Capital if you applied on the first day i.e., 11th January'08 through ICICI Direct, the squeezed your funds and they submitted the bid on 16th January'08 they utilised your funds almost one week. It means they are enjoying our funds. Really because of these things only all IPO s subscription figures are going high on the last day.