In the future,equity value should be reflected in IPO price....

In the future,equity value should be reflected in IPO price.
IMO,the IPO prices of all companies except companies hold important new IP or new technolodge,produce or sell good new product and on the growth, should be less than 2 times of equity value.
In this base,the maxium IPO price of DSH should have been $1.19/share
$116.5m x 2=$233m
$233m x 80%=$186.4m
$186.4m÷156.6m shares= $1.19/ share
But if I was a buyer, I might have bought $0.595/share(the same as equity value)

IMO,reasonable IPO price is the less value calculated by the below two methods.
1)NPAT x 10 x IPO ratio ÷ IPO shares
Ex:$40m x 10 x 0.8 ÷ 156.6m shares=$2.04/share
2)Equity x 2 x IPO ratio ÷ IPO shares
Ex:$116.5m x 2 x 0.8÷ 156.6m shares =$1.19/share