What went wrong at Investcom's IPO? (the Executive - Zawya)

Good analysis by the Executive in Zawya about the lackluster performance of Invescom IPO. It points to the low & "discretionary" nature of allocation by the bookrunners (HSBC & Citi) directly or via receiving banks which left many GCC investors with almost no allocation & ill feelings. As a result, Investcom, an excellent Telecom company, ended up with a luckluster IPO (only 10% up since going public) while in comparison 100-200% is typical for Saudi & UAE IPOs.
Comments: This shows the power of being local - having international bookrunners almost killed off local appetite for the issue. The lesson here is to tap local expertise & investors. In addition, incentivize the distribution channel and ensure avaiability of the issue to your target investors.