It’s no exception to my IPO golden rule, says Phil Oakley.
The market for new share issues, or initial public offerings (IPOs), is booming. But this is not necessarily good news for investors. Too often, IPOs are designed to maximise value for the seller and leave little or nothing on the table for the buyer. Brokers and advisers love them, because they earn fat fees.
I have a simple rule when it comes to IPOs and that is to buy when the government is selling and avoid all others. The experience of Royal Mail and some very pricey recent [...]
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