Buy @ $0.985. Yield @ 8.761% using IPO projection. Listed last Friday 2pm @ $1.05. During the book building exercise, I indicated my interest at $1 but was unsuccessful. Decided not to apply for the IPO as the Korean issue had erupted by then. Although the Yield vs Gearing (26.5%) vs NAV ($0.99) is attractive, there's no substantial shareholder (Sponsor, Freight Links retain 4.3% and all cornerstone investors <5%). Price will likely be volatile with downward pressure (as no stabilising substantial shareholders) for a while (maybe a long while until substantial shareholders emerges). 😀
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