These facts would seem enough to deter any sane person from investing in FLN. But in today's bizarre world this market perversion is regarded not only as entirely normal, but as a very positive start to a great investment for long term buy-and-hold granny investors. The broker of the IPO was KTM Capital, who previously had managed capital raisings for poisoned chalices Datadot (DDT.AX) and Antaria (ANO.AX). The share prices of DDT and ANO naturally follow the by-now familiar pattern of long term shareholder value destruction interspersed with temporary ramps.
In the case of Datadot, KTM got a wrist-slap from the Takeovers Panel for a fraudulent scheme to benefit insiders, with its conduct declared unacceptable and misleading.
So do as the co-opted media tells you, don't dig too deeply researching or thinking, just throw caution to the wind and buy all these great shares that are being shilled.