From the valuation slide in yesterday’s presentation, I think...

From the valuation slide in yesterday’s presentation, I think MNS has shown their expectations of current iM3NY valuation ($4bn) for a prospective float next year. One would suspect that the discussions they are having with investment banks is also leading them to that view.

If they achieve only half that valuation at a listing, then that puts at least a $2 target for MNS. Nachu may need $200m of capital to get established (including working capital) - so a $2 share price will make for an easy raise and limited dilution. One would also expect the raise to be a mix of Insto placement and rights issue so that existing holders can avoid dilution if they so choose.

The options available for growth are just starting to open up for them. The iM3NY float will be they trigger.