I am sure that you cannot go IPO without backing from...

I am sure that you cannot go IPO without backing from institutional players who are the investment bank brokers and their clients who are the funds. The cash that they coughed up to seed the operations of the company for the first year and acquisition of necessary equipments ... are paid in shares that are escrowed. If the placement of shares to IPO retail investors fails to attract enough, the investment bank broker would have to buy all of the rest at the IPO price. It's part of the game plan they have been doing for over 100 years! The IPO price was somewhere between 12c - 20c? Due to the limited number of shares available for trading at first, it's easy to pump the share price up. So these big guys just wait for a chance to sell. They did not get a chance to sell when it was 1.80 but at around 60c, they are more than happy to sell to get back at least their investment. These are safe players who play on very well calculated risk and reward often managed by computer algorithms. They play for a salary and bonus, not for personal ego. Imagine after they have taken their investment back, the risk is all with retail investors, super funds ...