I think the demand for IPO's has largely been as a result of more money chasing fewer opportunities which has pushed yields across most asset classes lower. The fall in the share price since listing and low volumes traded subsequently suggest that there isn't a whole bunch of enthusiasm for this stock. I would suggest that since most instos will already be in a losing position on this stock and given the extraordinarily high earnings multiple that it was IPO'd at, then the risk is on the downside. If TPN announce something and it doesn't impress the market, then you would assume that these instos are more likely to get out of the stock quickly rather than hanging round waiting for the company to start delivering results.
TPN Price at posting:
$2.28 Sentiment: Sell Disclosure: Not Held
