I think you're forgetting that its a $25m raise on a company...

I think you're forgetting that its a $25m raise on a company that (at $1/share) would have had a market cap of about $125m. The other shares existed beforehand.

But I also did similar calc to you and in reality only 1-1.5% of shares on issue were traded today. I didn't check what % is in escrow though.

But this is a disappointing day 1 outcome IMO - yes I am one of those that tends to flip on day 1, I've had a pretty good strike rate overall and have made some decent money, but I've also had the last 5 or 6 IPOs down on day 1 which is annoying and really eating into my profits lately.