GYM (LON:GYM)Share price: 173p (-6.5%)No. shares: 128.2mMarket cap: £222mCompletion of Placing(I have a long position in GYM.)It was helpfully pointed out in the comments last night (by rhomboid1) that two private equity backers of The Gym intended to sell down the rest of their stakes.It’s a large placing for 30.5% of the company and has now been completed at 175p, about a 5% discount to yesterday’s closing price.Unsurprisingly, the share price has dropped today to around (just below) the placing price.One of the technical hazards when investing in recent IPOs is that an overhang of stock can continue for some time. Of course, if you think the shares are good value, this can be the basis of your opportunity to keep buying.The problem is that insiders and private equity backers tend to know the most about the companies they are selling to the public markets, and so it’s difficult for public market investors to come off on the right side of the deal.Anyway, I think the overhang has been cleared now as far as The Gym is concerned.Though I personally run a very concentrated portfolio when it…

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