PE firms short circuit IEX IPO

The Indian Energy Exchange IPO is currently going on with it shares being offered in the range of Rs.1,645-Rs.1,650 per share

However, imagine the shock of investors, when they learnt that some of the existing investors in the company sold their shares a few days back in the range of Rs.1,582- Rs.1,617 per share !

According to a corrigendum filed by the company, Aditya Birla PE sold shares worth Rs74.93 crore to SBI Life Insurance Co. Ltd on 6 October, while Multiples PE, on 7 October “entered into letter agreements for transfer” of shares worth Rs28 crore to a clutch of high net-worth individuals.

Aditya Birla PE sold shares at a price of Rs1,582.6, while the Multiples PE has entered the share sale agreements at Rs1,617 per share-from Mint

Why would these PE firms sabotage the success of their own IPO?

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