Investors in the primary market are showing increasing signs of being more discreet and choosey in their pick of equities of companies and no longer hesitate to turn their backs on companies they think don't make the cut. Since 2011-12, of the 132 IPO applications approved by the Securities and Exchange Board of India (SEBI), 67 lapsed. In the three months from April to June this year, of the 13 companies that SEBI cleared to launch their IPOs, seven didn't come to the market, SEBI's data show. This is much higher than in the whole of FY15 when four out of 16 IPOs failed to make it. A merchant banker, who did not wish to be quoted, said there is more "investor pushback now because they disagree about a company's valuations or business fundamentals". In some cases, the company fails to enthuse institutional investors during the roadshows and publicity programmes to attract investors. If institutions don't show adequate interest, the IPO is mothballed before retail investors even hear about it.