In response to the above comment, I don't believe John McGrath...

In response to the above comment, I don't believe John McGrath being the director would sell and can sell 50% on the IPO day or any trading day as according to the ASX trading policy. There would have to be disclosure to the market.
McGrath didn't made the business to what it has become today by taking short-cut, it has solidly built its brand over the pass 25 years, so I don't believe this guy is going fk up what he has built in one day, especially the brand bares his own family name.

My humble view on the drop of the share price, the IPO consultants/brokers surely has overvalued the listing price of this stock, which was why I didn't choose to subscribe through the IPO but to get in after it has listed.
The property market is obviously stabilizing, especially around this time of the year, but at the same time it is opening up to buying opportunities by many eager investors.
A good long term hold for this reputable and well branded stock.