Koligo IPO, page-14

Geez, I'm trying hard to like this, because the product and capital structure seem tight, and offer enough merit for the investment and the likelihood of a stag on open.

But what really irks me, is that they're raising $6-7m and $1.2m of that is expenses for the offer, including commissions of $360-420k in addition to the joint lead manager fee and over 5m options. Then you look at something like Ecofibre, which is raising $15-20m, and its own expenses for the offer are $1.2m, despite raising 3x the funds. Offer costs for others like AN1 or Aus Industrial Minerals, which I'm not even keen on but are of a comparable raise size, are like half the amount at $600k-800k.

Can see who is getting a pretty good gig out of this, without even taking into account the salaries either