TOUGH TIMES IN THE IPO MARKET.

The article reports on the Australian initial public offerings (IPO) market. It says that 2011 was a tough year for this market where the only ones who profited were subscribers who sold their stocks on the first day of trading. It reveals that the profits gained by these short-term visionaries on first day IPO returns were 8% in 2010 and 7% in 2011. It says that these gains outweighed the 50% discount in capital gains tax rewards for investors who held on for more than 12 months.