Well, whatever it means for the company, it surely shows promoters done with the company. Other opportunities offering better returns. This opens up the complete-exit door slightly more for them, since they will now be factored in as passive by many if not all.
IPOs was a good way to play the greater fool’s theory, which most companies have tried this season. If the price does not correct enough to show promoters they messed up, they have gotten away with this.
Yes, the company seems to be doing well, and the price will recover, but the promoter wants nothing much to do with this business anymore. That isn’t good news in the short term.
Just my 2 cents.
NOT INVESTED.
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