I'll have a go at answering my own question (weird, I know). I...

I'll have a go at answering my own question (weird, I know). I guess that some joined the IPO at $5 and sold for a 20-30% loss and kept the warrant, which doesn't expire for 4 years. The logic would be that I take a 20-30% loss now but I still have a risk free warrant that will hopefully come into the money and make much more money than that initial 20-30% loss. Kind of a risk reward balancing act where it made sense to eliminate most of the risk on day one, even if it meant taking a loss. I see the warrants as a sweetener that was needed to get the offering over the line and this plan to sell on day one was always there. Just a guess.

Anyway, stoked that it listed. My other big question is, 'Where the hell is Ricky Banker when you need him?!!!'