Tomorrow marks an interesting day for quite a lot of people - people who have bid and managed to get themselves a lot or two of GLP's IPO. I am one of those people.
Bidding for an IPO is probably something that a value investor would not have done. Let me rephrase that - bidding for an IPO for speculation is something that a value investor would not have done. My first and last IPO bid was that of CapMallAsia and I am still holding it ever since its listing. However, tomorrow would be the first time I have bid an IPO for pure speculative purposes. How high would GLP climb tomorrow? Would it even climb up in the first place?
I am quite excited to see the progression of tomorrow's market. Earning a quick buck should not be a cornerstone for value investors but I will be a speculator for a few days this week. There are still a few IPOs floating around - Mapletree Industrial Trust. Mun Siong Engineering Ltd and Anchun International Holdings Ltd. Seems like there is a frenzy of IPOs in the Singapore Market lately. It could only mean that the STI is performing well, attracting companies to launch IPOs here on our shores.
Does it mean that all things are rosy here in Singapore? For all the positive things here in Singapore, you can read all the not-so-pretty news that is happening from the U.S. While a double dip certainly does not look like happening here in Singapore, recovery does not seem as smooth in the U.S. based on the data they have released.
What does that mean for the average investor? The DOW has just hit its highest level in a few months. If history means anything, we will probably see a correction soon. Probably. Not that I hope for it but, if you have been investing, you would know that there is no smooth road to recovery. Patience, friends, patience.
Now, let us hope for a good opening for GLP tomorrow.
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