DongFang IPO at a PE of 5 for 2015 Earnings

Barry Dawes of Paradigm is a decent promoter and is well respected. What do you guys think of an IPO in this market at a PER of 5 for 2015 earnings. Its a bit unreal isn't it. Katavi JG002 and all other buddies fire away your opinions on this. Naval Oranges and Citrus player.

Paradigm heads up $400m Dongfang float, IVE briefs brokers
Jun 1 2015 at 12:15 AM Updated Jun 1 2015 at 12:15 AM Edited by Sarah Thompson, Anthony Macdonald and Jake Mitchell
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Paradigm Securities is set to start drumming up support for Chinese tangerine and navel orange-grower Dongfang, which is seeking a $400 million Australian Securities Exchange listing.
In a sure sign that the initial public offering market is wide open, the citrus grower from China's Jiangxi Province wants to raise up to $50 million at an initial public offering which would value Dongfang at $390 million to $401 million.
Dongfang expects $176.4 million sales and $75.5 million net profit for the 2015 calendar year, on a proforma basis, up from $133.3 million and $67.2 million last year.
The $1 a share IPO price means potential investors are asked to pay about five-times current year profit for new shares. If successful, Dongfang shares would start trading on the ASX on August 17.
Paradigm Securities will receive a 6 per cent fee for shares sold at the IPO.
The IPO comes as fund managers and sophisticated investors are swamped with potential listings. Printer IVE Group is expected to top IPO news on Monday, with the release of a price range for its pending $300 million listing.
IVE is expected to seek to raise at nine-to-ten-times profit and offer a 6.5 per cent to 7.2 per cent dividend yield. The printer's management is due to start meeting retail broker networks on Monday, while brokers Bell Potter and Evans & Partners plan to price the deal at an institutional bookbuild on June 11.