Cadence: One IPO that we've taken a position in

Cadence: One IPO that we've taken a position in. The ASX website is currently promoting no less than 28 new listings. 21 of these have expected listing dates between now and the 23rd of December. However, Karl Siegling, founder and portfolio manager at Cadence Capital warns investors that many are being priced on high valuations by private equity groups who are selling closer to the top than the bottom. Despite the warning, Siegling isn't ignoring new floats entirely, saying that Cadence will participate in Spruson and Ferguson (renamed IPH Limited), which lists today. Having visited the operations of the company in both Australia and Singapore, Karl discusses the investment case for IPH and touches on where he sees future growth for the company. Watch the exclusive video here