Well it would want to be heavily over-subscribed. When was the last time you heard an IPO was under-subscribed. DXN was oversubscribed 10X and the best it could do on Day 1 was close at 25c on a 20c IPO. 25M shares traded so not all the IPO holders were solid were they?
IPO early success depends on how many are tight holders from the IPO list rather than how many applied for shares.
That said, this should do very well because it's got such a low EV. I got a late berth for a small amount so will throw it in the drawer and re-visit in six months.
