Two top investment banks, Enam Financial Services and JM-Morgan Stanley, have backed out from the high-profile initial public offering by real-estate developer DLF Universal, amid speculation that the bankers had differences over valuation of the real estate company.

Lehman Brothers and Deutsche Equities India have replaced the two as the book-running lead managers, as per the revised prospectus filed with the Securities and Exchange Board of India.

Though no official explanation was given for the withdrawal, market sources said there was some differences between the management and the two bankers on valuation.

Significantly, the chairman and managing director of JM-Morgan Stanley is a member of the Sebi's primary market committee.

The two global co-ordinators for the IPO, Kotak Mahindra Capital and DSP-Merrill Lynch remain unchanged in the revised prospectus.

The other book-running lead managers for the issue are Citigroup, ICICI-Securities and UBS AG. SBI Capital Markets is the co-book runner for the IPO. This is the second instance in recent times wherein investment banks pulled out from the IPO, after agreeing to handle the issue earlier.

During the Deccan Aviation's IPO last year, SBI Capital Markets, JP Morgan and ABN Amro Rothschild had backed off, citing differences over valuation.

Deccan Aviation had to bring down its price band, besides, extending the last date for application to ensure that the share issue goes through.