Thank you for the comprehensive shares on issue breakdown. It is...

Thank you for the comprehensive shares on issue breakdown. It is a bit convoluted with the new investor and now options expected to be fully converted but your summary seems pretty accurate. FND to undergo some dillution with options and TSI now dilluted but set a valuation on TSI in the meantime.

Piramal has made investment into the company pre-ipo, taking some risk here and would expect to be at a discount to what the potential ipo could actually look like. Maybe that discount has already been expressed by offering them into TSI at the FY23 EBITDA valuations, while we all know FY24 is proving to be significantly above, and maybe that discount is also in the EBITDA multiple itself. Add to this that now we have ~40m warchest to either eliminate debt or pursue eps accretive acquisitions. Accounting for the above, is it fair to say we can expect a potential ~300m Bombay listing based on a higher multiple, derisked business and eps a fair way higher than fy23? I'm very content that even if ASX:Fnd only has access to 70% of a potential TSI Bombay listing that will be worth multiples higher than where we sit today. Lots to be excited about fellas!