Am I missing something here? Why would investors in the US pay 4-5 times current valuations by waiting for an IPO when they can get shares/ADR's on the market right now? In an IPO the company will either have to offer discounted shares/ADR's or they will have to show an increased value in the company in order to make it worthwhile for any new investors to put money into the company.
This IPO is not like a private US company listing on an exchange in the US for the first time in order to raise cash. In such cases, investors make a decision as to how much the company is worth and the pps and mc are set according to market forces. Benitec is already a public company and US investors can already purchase shares via BTEBY. Why would IPO suddenly make these investors want to pay more than current market price? The market has already set a value for the company and issuing a prospectus is not going to change that unless there is more value to be found in the company.
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