Morphic Ethical Equities Fund Limited IPO, page-2

I've started reading the prospectus. The lead Jack Lowenstein has a good track record but I'll do some more research before investing. In terms of the structure of the offer, use Antipodes (APL) as an example. They listed towards the end of 2016.

I wouldn't consider it a free option. The par value would essentially be Value of the share + Value of the option = $1.10 (in theory), not the share being $1.10 + Value of the option. Listed Investment Companies (LIC) tend to be less volatile than other shares and funds especially during the early days. If you're looking for a quick return I would avoid this. This is a buy and hold for at least a few years in my opinion if you were to hold it.

Hope this helps.