ipo off.where to from here?, page-4

I think the Americans appetite for IPO's can only be concluded based on the level of discount being offered to participate.

SEA unfortunately is bench marked on current share price in Australia and the yanks look at it and say, good I will participate at 10%, 20%, 30% to the Aussie price.

Meanwhile SEA already sits undervalued on our exchange. Hence the gap between what SEA management believe is value and what the US investor wants to pay was always going to be an issue imo.