Besides getting a lukewarm response from investors, the first two initial public offerings (IPOs) of this year - that of Ortel Communications and Adlabs Entertainment - have another thing in common. The two companies have a political connection. Cable and internet services provider Ortel is promoted by Lok Sabha MP and Biju Janata Dal member Jay Panda. For its part, Adlabs Entertainment, which runs an amusement park, Adlabs Imagica, is promoted by Manmohan Shetty, father of Pooja Shetty Deora, who is married to former Congress Union minister Milind Deora. The Ortel IPO wasn't fully subscribed to, while Adlabs had to slash its issue price by 20 per cent.
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