Ecoya Ltd [ECO.NZX] listed on the NZX on May 3 after an IPO price of $1 per share with two warrants attached to each share.
With a high of $1.01 shortly after listing, the share is now thinly traded at 75c per share as of close of business, Tuesday 16 November 2010.
The company and its shares were never going to set the world on fire because much of the company's future prospects lies in the possibility that the company will be a major player in the body and bath and home fragrance sector currently occupied by a number of global giants.
It is therefore a very risky investment for investors but many ECO shareholders have put their faith in CEO Geoff Ross, who has a track record of success with start up companies like Ecoya.
If you were initially interested in buying into some of Geoff's business cache' but baulked at the high valuation the company put on themselves in their IPO , now might be the time to start looking if you think the company is going to be a good long term bet.
I am picking the market is going to lose patience if they do not see some tracking towards a profit or at least a good sales story, so there could be some further weakness in share price.
Having said that, as this stock is very thinly traded any positive news will see a very good upside in share price as mums and dads want to share in the success of a possible future star.
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