PARTS OF IPO MARKET BEGINNING TO LOOK DISORGANISED & UNCOORDINATED! – THIS IS WORRYING!
Yesterday OneSavings bank started trading. The Publication of Prospectus announcement only went out on the website at 11.30pm on Wednesday. I think the market should be rather underwhelmed with this situation even though the issue was covered.
7 investment banks have published research on TSB. As TSB doesn’t make an acceptable return within their time horizon they have pretended it does by changing the balance sheet and valued it off that. I have called the head of IR who isn’t returning my call. I have also called the FCA who tell me it is nothing to do with them. I am unable to publish independent research, which the market should be entitled to without access to the information the book-runners have.
This is a very sad state of affairs!
Head of Research
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