No information on the aggregate allocation?
Bailador is selling about $15m in share for the IPO, so I assume that is the absolute maximum.
For Straker Translations IPO, Bailador sold $1.4m into the IPO and the priority allocation was $1m.
I've sold out 80% of my Bailador holding yesterday, at $1.80 market price with the BTI NTA being about $1.64 and the Siteminder carrying value NTA being about $0.60. Assuming the current market price premium of $0.16 (1.80-1.64) above NTA is fully attributable to Siteminder, the NTA priced in for Siteminder is a 27% ((0.60+0.16)/0.60) premium, i.e. the market is pricing in a 27% day one pop for Siteminder which is very generous. IMO better to reinvest in SDR IPO although there is the risk of getting scaledback and losing exposure.
Ann: SiteMinder IPO - Priority Offer Now Open, page-2
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