I wrote an analysis previously about the company which you can view here.
We knew that the chances to get them for the public would be massively low and that is because only 2,000,000 shares were offered. Most of them (86,233,000) goes to the placement which was also oversubscribed.
As you can dissect from the below table, the allocation came somewhat surprising because for most of the IPO which are popular, they would give a higher balloting ratio to those who applied for smaller lots, but this goes ascending in distribution. This means that if you apply between 1,000 to 9,900 shares, your chances are as low as 1% of getting it and even if you get it, you are only allocated 1,000 shares. I seriously don't know how that can become value.
Most people I reckon would apply between 10,0000 to 49,900 shares and that puts them right in the next bucket where their chances gone up marginally to 2%. Successful applicants would be allocated 3,000 shares while the rest will go home empty handed.
I think this would trade well on the first trading day but we'll see if the volume would sustain after that. If institutional are not selling through placement shares, then I'll reckon volume for this would be low with only 2,000,000 shares floating around the retail public shares.