It is no different to the 2 hours of pre-market open every day,...

It is no different to the 2 hours of pre-market open every day, and the 20 minutes after every announcement.

Except this time, people are going for the first trade in a newly listed company.

Buyers always want the lowest price, heck if I could buy at 20c I would probaly sell out of a few other holdings just to get my hands on it. So it is natural to see buyers in at lower prices, we all want shares cheaper.

Sellers on the other hand, currently none in the queue, want the highest price (obviously), so just because there's 20c buyers, doesn't mean it will trade at that.

Of course this doesn't consider the market manipulators who will probably try to put a small sell in at 20c to trigger market panic and drop everyones prices so they can pick up even more, but thats another discussion.

Looking forward to seeing where all of this sits once settled.

Something else to remember, the 52week high and low has effectively been reset, along with all trading graphs, and all history (on the ASX). Only people who know the history of TAW, and current holders, will have any idea of what has happened before. Everyone else will be relating A40 to the SGX 40F history, but again it is something they have to go looking for, simple apps and spreadsheets won't do this for someone by default.

Note: information on buy/sell stack was accurate at the time of writing, based on CommSec information.