I agree AZX looks very cheap. The only thing I can think of is...

I agree AZX looks very cheap.
The only thing I can think of is that maybe its because of the placement at 12c.
Some will be selling stock circa 20c knowing they are going to get some back at 12c.

That said, the demand will have been massive for the placement and everyone will get scaled, so anyone doing this could get rather unstuck.

Personally I am happy to buy at this level and am nibbling away.

Got to be a double from here based on the current resource. And its open in all directions so its going to get bigger yet.