IPO price set to facilitate total exit by Claris sometime in the next 2 years.
29m shares or 8.1% changed hands - which means that over 15% of free float (as Claris and others hold 45% plus).
Volume trades indicate big lots being sold - a lot of smaller buying (10k to 100k lots) indicating that those who obtained volume allocations were taking their gains and selling to retail?
The institutions read this one well - take their profits while they are there and leave the risks to those who bought off them. In an environment of 2% to 3% pa interest rates, making a quick 5% to 10% for the instos not to be sneezed at.
Personally, prefer to invest in true and tried performers like Scales and THL - solid performances with earnings growth and great dividend yields.