Yeah, you are 100% correct offer to retai was purly for spread, they locked up most of the book earlier with instos. I'm more informred as a convertible note holder an insto investor.
One thing I would say having owned the company for several years (via convertibles), they did an amazing job of pivioting during coivid, finding other customers less travel related, whilst maintaining their core VAT strategy for overseas travel infastrucure when it does bounce back. I think it's being priced relatively cheap and will have great chance in taking advantage of the return to travel over the next few years.
Not really a trader, so no idea what it will trade like over the short-term, but medium-long term (6 months-24ths+) this business has got some room to grow and priced extremely cheap. My only concern is lack of liquidity with basically everyone but IPO holders being locked up for 6 months, this can work as postive or also a negativel depneding on the amount of flippers allocated stock.
IMO DYOR etc etc
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