In recent 2-3 years, many complaints have been logged to SEBI regarding the manipulations done in bidding process to inflate the bid levels, by means of fake bids. These bids are withdrawn back, when desired level of subscription has been reached.
If not withdrawn, shares allotted to these bids are sold off within minutes of the listing. Sources said that the process of fake bidding is sponsored by either the company promoters or the bank which is involved in the IPO.
SEBI will be probing in mainly those IPO's where such cases like withdrawn of bids or selling of shares on very first day had happened. SEBI will be soon seeking the relevant data from the entities involved in the IPO.