Out of the blue my broker contacted me and asked whether I would like to subscribed some IPO shares of Accordia Golf Trust. I was quite surprised because my broker has never done that in the past and normally he never bothered with small investors like myself.  This was the first alarm bell. I thought then that maybe the response for this particular IPO was just too lukewarm and they have many unsubscribed units. I asked how many lots I can get and was told as many as I wished.  Second alarm bell rang and I declined and told him that I have no money to purchase. The outcome was really true that the public offer was undersubscribed.  It was just approximately 0.7 times subscribed and it was such a long time since an IPO was undersubscribed. The most likely scenario is Accordia Golf ......