A good start to the IPO with current trading exceeding the IPO...

A good start to the IPO with current trading exceeding the IPO price by 25c (>11%) although there will likely be some profit taking over the next few days.

Beating Prospectus forecasts (regardless of by how much) is also a good sign and yet no mean feat in its own right. This also suggests that perhaps the more robust form of publicly traded legal entity to be considered are the ones broadly occupying the IP /patent attorney /trade mark spaces. These tend to have higher matter fees per client, tend to stick to the corporate, business, tertiary arenas, whilst leaving little to chance. Hvaing a good, blue chip, client portfolio also augurs well for the future.

The cash position though is starting out though will be low with ~95% of the IPO proceeds being used to buy out the former owners /vendors, including repaying their borrowings. Post IPO reliance will therefore be skewed towards drawing down on the banking facilities whilst the Receivables are collected in even though this is looking back in time to the 29/2 snapshot, and even today, to the 30/6 year end. Things have moved on since then.

Pro Forma Receivables are strong at 4x Trade /Payables. So too the appetite to collect them. But beyond the initial enthusiasm of any new float, it will be for QIP to then trade on its own sure footing. With the Top 20 also including a mixture of institutional take up, and with a relatively low number of shares on issue (circa, 132M), it seems that the share register should be relatively stable going forward.

A nice start, but with early days yet to come.