I am presuming that WAM Asset Management would have done their homework and due diligence on the fundamentals and business dealings of the company and its founding management prior to its listing, and have come to the decision that the IPO would only have provided more capital, rather than changing anything about the business or its place in the marketplace. WAM are quite canny in doing their research and of course with their war chest, are in the front row when it comes to putting their hand up at IPOs.
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