You would need to look at peers, IAB being a good one, their share price has yet to hit listing price from years ago despite having revenue growth in excess of 50M, in fact they are at record lows three odd years down the track. OTW is probably a better comparison and they are just over the 34M line.
Stateone have a cut of the raising so are only going to talk rosy figures, sanity checks of peers helps fix the rose colored glass syndrome. For instance they quote "VON’s HPBX product is 50% cheaper than major competitors Commander and Telstra and is well-placed to compete on price as well as technology/service", I would be interested to to see how if compares with a real competitor such as MNF?
VNX Price at posting:
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