In late 2017, Scotia Capital launched an Initial Public Offering (IPO) for Neo Performance Materials Inc. (TSX: NEO). The deal was done at $18.00 and the stock started trading on December 8, 2017. It was not well received and traded below its issue price on opening day. Palos has a different view on NEO. The Funds participated in the deal and we strategically kept some powder dry to buy more shares in the open market if the issue dipped below issue price.