My 2 cents: the IPO would have been withdrawn because of market conditions (which was always the caveat to these plans), which in turn would almost certainly have caused US investors to think twice about buying into an IPO that, like just about everything else on the market, would drop hard when it started trading. It just isn't an auspicious time to raise money, when everybody's purse strings are tightening and the market is tanking.
Whether they did receive the interest they hoped for or not is kind of immaterial. You asked 'hence the drop?' But the market doesn't know anything about what level of US investor interest was shown. The market knows the IPO was withdrawn. The market knows macroeconomic factors took a turn for the worse, and thanks to some very poor reporting, much of the market did NOT know the listing would still go ahead to coincide with very important trial results in just a few short weeks. That's more than enough reasons for the SP to drop. I consider fair value for IHL shares to be between 56c and 60c right now. Drop to 42c from that dehyped value range means roughly a drop of 27%, which is on par with what we're seeing across Biotech right now. I don't think there's anything else to figure out?
What matters is the trial results are around the corner, as is the listing, and the company is free to raise funds at any time in the future when market conditions are conducive. In my opinion.
