What the number misses
Grey-market quotes come from unofficial trading. They are not an exchange-backed guarantee of the listing price, and quotes can change before shares start trading.
Read what the company is raising money for
The offer document explains the business, risks and use of proceeds. It also helps distinguish money going into the company from money going to selling shareholders.
Look past subscription headlines
High demand for an issue does not establish long-term value. Profit quality, debt, customer concentration and the valuation relative to comparable businesses still deserve attention.
Small companies, different constraints
SME shares can involve larger trading lots and limited liquidity. A position that looks small on paper may be difficult to reduce or sell when buyers disappear. Listing-day excitement does not remove that risk.
Further reading
Personal view only. Not investment advice. I may hold assets discussed, and my views or holdings may change. This is not a recommendation or a complete investment assessment.