I also really like the idea/story but I am not sure I would be...

I also really like the idea/story but I am not sure I would be comfortable getting into the IPO at an indicative valuation of $120-125m after looking at the financials. Earlier investors acquired shares far cheaper and there is an abundance of options at relatively low strikes which will hinder upside. At the min raise, almost 30% of proceeds are going to admin costs and expenses of the offer. Going concern risk also seems particularly significant here.

I've only had a quick read of the prospectus so far. Over a long-term horizon the business could do extremely well given the outlook for hydrogen and reward early investors but at this stage in the life cycle there is too much risk for my personal profile. I will need to watch some more videos on their technology. If I was extremely convinced that their technology was vastly superior to competitors and that strong IP protections prevented others from catching up in the medium-term future then perhaps I would take the leap.