When you only list 5% of the company and it is directed mostly to retail investors, a lot of who likely expected that the Chinese would support the price in the after market, then I think it is pretty easy to get an IPO away at a too higher price.
Also, given the fundamentals of the business are likely better now than at the time of the IPO and that the stock is down 60%, retrospectively I think the listing price was likely too high.
In any event, whether it was or wasn't it does not invalid the above points in terms of the current issues NNW faces.
And yes it probably isn't even that relevant other than a lot of people are under water in the stock and rightly or wrongly a lot of people will have a negative view of the stock given they are sitting on losses and will likely look to sell the stock once it rallies, particularly around $0.40 (I know they should just be thinking about the outlook from here and the entry price should not be relevant, but unfortunately a lot people won't view it that way).
NNW Price at posting:
15.5¢ Sentiment: None Disclosure: Not Held
