SP Going Up like Rocket!, page-14

Not sure what's going on but then perhaps I'm missing something.

If we take the $10 per ADR as the agreed list price that's about AU$0.69. Let's assume that represents a 10% discount price for institutional investors (I think that's a reasonable estimate) then we can expect the Open price to be about US$0.55 which is about AU$0.76.

So the institutions will take their shares at the equivalent of US$0.50 and the remainder of the shares offered in drip-fed in parcels opening at about US$0.55

Current SP around AU$0.82 suggests the punters are expecting first day premium of about 10%.

Would be a very welcome surprise!