Good morning Mr Pinto, been looking forward to this post -...

Good morning Mr Pinto, been looking forward to this post - thanks for taking the time and opening up discussion

My immediate thoughts are price really depends on the shares to ADR ratio. So perhaps rather than price we're probably better focused on market cap.

If there's high demand and stock tightly held as we know it is, then no matter the listing price the market can always over shoot by a significant margin which will see high volatility. That said we've already seen a number of 30% swings and lived through it.

Supply of stock will matter too, so much will depend if Aussies can transfer stock to ADRs for trade in the US. If they can migrate, how many that do will depend on the benefit of doing so - ie without triggering a capital gains event. And of course if the IB can buy stock off the ASX to create more ADRs themselves.

Cheers