M31 Editorial Cartoon · 2026-11-03
The Listing Bell Is Not a Pair of Wings
A listing celebration and the share price afterwards are different stories. Two paper planes make that distinction visible.
Editorial satire: the bell rings; the flight is another matter.
Factual context: Post Today reported on 2 November that TIPAK and QUICK closed below their respective IPO offer prices on 30 October. Post Today · 2026-11-02
SET announced TIPAK’s trading start as 5 October; the Thai SEC’s IPO table lists QUICK on 21 October. Listing dates and later price-comparison dates must be kept distinct. SET · Thai SEC
Satirical interpretation: the big bell marks a beginning; the two paper planes stand for price movements afterwards. Their heights and paths are not numerical data or depictions of the actual companies.
Trading below the offer price is different from an undersubscribed offering. This cartoon neither generalises all IPO outcomes nor predicts prices or recommends trades.