>>46141139A few things. Amount of volume Cover released far less volume into the market then Anykara, Cover themselves didn't value the shares very high, Chinese market, Covers guidance wasn't great Yagoo himself admitting he was forced to open the company to the public while Anykara had planned to do this for a while and was in line with Riku, Anykara was much more open about revenue streams while Cover was talking about numbers the investors don't really care about, Nijisanji is bigger in Japan, Anykara has been much tougher on foreign branches and has a presence in China vs Cover who horribly botched China, Anykara had a lot more hype vs Cover, Anykara is much more clear about what they are which makes them easier to value then Cover, Covers own release was a lot of peacock feathers with with no substance, Is Cover a Tech Company? But they make all their money in Vtubing where are they coming up with this claim that they have created new revenue streams?, wasn't metaverse a failure why are they wasting money on this?, market is much more scared and less willing to take risk, terminations and graduations are bullish, Cover put the future of Hololive on shaky grounds and honestly in my opinion I hope they branch them off so they can grow more freely as an Entertainment company and not as some weird hybrid company that seems to constantly be trying to move on from entertainment, again Cover's reliance on the vtubing industry to fund risky tech ventures is spooky.
I mean any number of things could be a reason I think the biggest is the lack of shares on the market, how favorable the merchandise it to the talents and the poor forward guidance would make investors nervous. This isn't even getting into financials.
Finally it is an IPO and historically IPO's get absolutely hammered in the first 5 years the vast majority losing over 50% from their open. It is very rare for an IPO to actually be green after 5 years being called a Unicorn.
https://www.cnbc.com/2019/04/03/dont-be-fooled-by-the-unicorn-hype-this-year-most-ipos-lose-money-for-investors-after-5-years.htmlHere's a half decent article talking about it during the IPO mania of 2019-2020.
