When Gems TV first started out, they had a good business model but most of us were not aware of it, until they listed. But like most things, listing has its good and bad points. Sure, you can raise money quicker but in exchange, you have to reveal your financials and if your profit margins are fat, a lot of potential competitors may appear.
This is why a number of successful companies rather remain unlisted especially if they have good margins and a unique business model. They rather make their money quietly without all the razmataz of a listed status.
I recall that in the early days of the listing of Gems TV, one fellow investor tried to interest me in this company. The future projections of the company was indeed sexy but it certainly did not fit my investment criteria. Thankfully I declined.
Like what Warren Buffett says, it is important that investors stick to what they know.