Why MPW is undervalued, page-25

The IPO raising was fairly large and the IPO was used an exit strategy for note holders. That guaranteed a loose share register from the start. It never got momentum.
It's much more preferable to have seed investors/note holders who actually believe in the business, not just looking for an exit on IPO. In the really successful IPOs you normally see no exit from early investors. In fact the opposite. Look at just three recent examples where early investors actually bought more in the IPO and then bought more post IPO.
A3D (20c to $5.39 within four months)
GSW (20c to $4).
AL8 (20c to $2.30).
All three have come back in price since but still at multiples of IPO price. Tight registers are a very important ingredient in IPOs and MPW clearly never had this ingredient from the start.