Appetite from institutional's means nothing to me. 12mil for Bell and David Williams is a round of drinks at the Christmas party. They could call a few BBQ mates and do that sum in no time. Institutional's follow David Williams around and have money to gamble on high risk IPOs - I don't unfortunately (or fortunately)
According to ASIC docs - David Williams quit his chairman seat on this company a few weeks back. That is the kind of institutional indication that speaks more to me. That and the other director who lasted a full 4 days.
IPO - Felix Group Holdings Ltd - 12 January 2021 #, page-6
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