I just don't get how they get to their valuation. After the IPO,...

I just don't get how they get to their valuation. After the IPO, they'll have around $5m in net assets (most of which is the cash raised via the IPO). So not alot of inherrent value on balance sheet if you exclude the capital raised.

In P&L though, not much else to be seen. Inconsistent earnings, drop off in FY20 which I don't think can simply be explained away via COVID (arguably, you'd think that this post-COVID world would provide momentum to drive sales rather than hinder them). Putting that aside, given they're in losses we can't value on a P/E basis, but P/S doesn't look pretty either - I saw an approx 6x multiple to sales (using a 3 year average). I just can't see a justification to price.

Doesn't help that they didn't even provide any forecasting either. I don't know, I admit I'm relatively new to this game and could be missing a lot, but I feel things just aren't stacking up to me. Please, do correct me if you disagree and point out any inconsistencies or issues with my analysis above, always keen to learn.