That is not all going to the lead broker and the reason why it is slightly bloated based on a minimum raising (which I am sure they will significantly exceed) is that all costs related to the first 2 rounds of raising are being absorbed as part of this IPO.
As @melua has already pointed out, all lead manager fees being taken in ESCROWED stock and options are at 30c after 4 years. The share price would need to rise 10% year on year to be in the money! I think all shareholders would be happy if that was the case! If the lead manager would really want to make money from the options then they would probably want 15 -20% compound share growth.
I think PEAK have been more than fair here. Matter of fact I would want all IPO's to operate like this. How many sh!t IPO's would be avoided going to the public if lead manager could only take their fees in stock?
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