Only got around to having a look at the Prospectus for SIO this morning. NPAT from $1m to $20m in 3 years? Market Cap at issue $270m vs $10m Book Value? So it was established 65 years ago yet in 2012 was only making $1m pa NPAT and now for FY15 it will be $20m on the back of vocational training etc. Anything with the word vocational in it turns me off now.
Couldn't believe I saw the likes of WAM and Accorn in the Top 20. I thought it looked like a very opportunistic IPO
simonds group, page-28
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