That post shows that you have ONLY ever looked at companies on...

That post shows that you have ONLY ever looked at companies on the asx.
Being a uk investor I can tell you that the majority of placings are discounted and done with a heavy bias to the institution coughing up the cash.
In a lot of cases the shares are PRESOLD before the official allotment leaving a neutral position once the shares are issued but easy profit booked.

Next you will tell me that "old boys clubs" don't exist and that these things are done with the long term shareholder interests at heart.

Jka management do seem honest but believe me most bods are there to line their own pockets and that of their friends hiding behind institutions.