Steve Black, Portfolio Manager of Pengana’s Emerging Companies Fund says that new IPOs are coming through “thick and fast” at the moment and he’s seeing at least three companies per week. In amongst this flurry of activity Black remains “wary” of many new floats because, in his view, they frequently get off to a good start and then fade as vendors interests are frequently “not aligned” with those of new shareholders. Despite his unease, Black says he’s taken “small positions” in 3 recent floats – Baby Bunting (ASX: BBN), QMS Media (ASX:QMS) and Pacific Smiles (ASX:PSQ) and explains why in this video: