The risk is the commissions they pay to third-party retailers such as CW could be whittled away. CW has exciting peripheral ventures like its planned WAP phone portal Mviva. This is portrayed as a valuable moneyspinner. But it hasn't been launched yet. The prudent investor should see Mviva as a demanding infant that will suck in mountains of cash and demand huge amounts of management handholding for no quick return.
Investors also have to apply for shares without knowing the precise price.
CW can in theory set the price above the indicative range of 170-220p. Investors also have to agree not to sell for at least three months to maximise their chances of a decent allocation. Many readers who have received good service from the company will be tempted to back it. I wish Dunstone and Ross every luck in conquering Europe. But at this price the shares are only for the brave.