What a flop? I'd actually call this a reasonable start. With a bookbuild you'll rarely expect a bargain basement price, but $2.50 was not bad. Small premium. Not much to write home about, but it's there. 5% plus dividend.
What "impressed" me most was a statement I read from either the chair, or a director, stating that if PBG does not perform it is nothing to do with the issue price, but management performance. Here here.
If management does their job for us, like they did for the previous owners, this will be one for the bottom drawer.
MJS
pacific brands float (pbg), page-5
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