please try and understand12 Sep 2017 15:31
I have experience . I have spent 20 years in the market.
I have dealt with these idiots.
IPO ... many funds run books for IPOs / Capital Markets.
Many are run by the think HF traders : they have no education. Have well paid jobs to take orders from HF managers. However, sometimes they get to run books. They nearly always stick IPOs in . The only research they do is ask is it over subscribed. In defence of the lowly HF trader, also the fund manager who likes to do these pump and dump trades.
In order to get an allocation, sometimes have to promise not to sell straight away.
Clearly here they have been destroyed.
As soon as goes wrong THEY HAVE TO GET OUT OF STOCK, as there is no real mandate to hold. If their investors find out they will be destroyed.
This is why has been dumped. Overly dumped.
But be happy the thick HF trader and manager may have learnt something.