I'm trying get my head around the New Warrants. If the IPO...

I'm trying get my head around the New Warrants. If the IPO is fully subscribed, then does the allottee then get the option to buy the same number of shares for the IPO price (which could be 80% of the SP at the time of IPO). So this potentially doubles the dilution bringng our current shares to 18% of their current value, and potentially puts 8,000,000 shares on the market at 25% capital gain without any actual increase in SP. Have I got this right?