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?
Candy Club, page-100
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