You say "Not when you are comparing absolute numbers"
This makes no sense if I understand what you are saying correctly. Say you do an IPO for $10m (SP @ $1) and raise another $10m @ 70c you would then be saying your market cap went from $10m to $14m? Surely makes more sense to say the SP went from $1 to 70c. I would say it is way more misleading to quote market cap in this instance. You have to pick one reference point and if it is the IPO then I think this is most useful, it also reflect the impact of additional equity issued via LTI plans which in certain circumstances can be dilutionary if the company is performing.
FDV Price at posting:
42.0¢ Sentiment: None Disclosure: Not Held
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