I was thinking more the broker who is facilitating the ADR's but I suppose they already have potential institutional investors lined up with a lower price in mind. Correct me if I'm wrong but, as there's no new shares being issued, my understanding is that they have to buy the shares for the ADR's on the open market. Surely they need these before they can sell the ADR's?
They aren't going to want to pay top dollar, hence why I'm speculating that there's going to be a lot of pressure on the price "potentially" causing nervous investors to sell their shares cheap.
I'm possibly showing my ignorance here, I'm just a small fish retail investor and I've never been involved in this sort of listing before. I'm happy to be educated if I misunderstand how this will work.
$10. ♧Club, page-59
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