International Graphite IPO, page-18

In a perfect world crl would always be at least 25% market cap of IG plus whatever the value their own projects are. We don't live in a perfect world though, so I don't think that the IG portion of crl will hold true to 25%. But crl should still see a nice bump from it. That's just my opinion though.

Hypothetically, if IG tripled their mc post ipo, it should mean that crl's cut of that is $25m, which is just shy of double our current market cap.