tat hong, a local public listed company

tat hong listed a subsidiary in australia bourse. first day of trading price up by 23c or 23%. this kind of gain on ipo is almost unheard of in our local market for many years. many of ipo listings ended underwater on the first day of trading in our market. why? is our market sick or dead? is our market saturated with unattractive stocks? is our market unable to absord the flood of ipos? is ipo money drying up? are all our retail investors dead or lost all their monies? why is ipo no longer attractive? what is happening? do we manage our stock market or let it run wild, pennywise pound foolish, short term gain for long term loss?