IPO - The Hydroponics Company Ltd, page-260

@cimeng Agree with our friend above. I do not actually agree with the way either HC or ANZ Share Investing/Commsec work it out. HC includes performance shares and ANZ does not include performance or escrowed shares. To me, it is simply a matter of time before escrowed shares are released. There is no guarantee that performance shares will be released. I would prefer shares tradable plus those escrowed.

When a company lists one of the first notices it releases is an "ASX Notice - Admission & Commencement of Official Quotation". The one for THC is below:
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01854059


It states right up that there are 47.1mil shares that are quotable. That is what Commsec and ANZ go off (47.1m * $0.405 = $19.075mil).

You then need to add on restricted and performance shares (never options) which are stated in teh rest of the announcement. (47.1m + 37.5m +4.5m +250k + 2m +12m +2.5m + 6m +2m + 2m)*$0.405 = 52.1mil
and there you have HC value.