Seed holders are 12 and 24 months escrow as per the prospectus so those 25m shares wont see the light of day. More then likely all committed to $$ in the IPO as well, id say it is unlikely that those who received seed would be flipping their IPO holdings on day 1 either. The IPO was significantly oversubscribed and you can see why with the top 20 holding 80% of the stock, BOD being 20% of that mind you.
If that is your interpretation that this is over valued then each to their own based on your analysis and risk appetite, but given the demand for stock there are plenty who think this price represents good buying value. The fact there is little supply around is the driver for the increase obviously.
Plenty of stories about chasing on the way up for early stage companies, i think i still have a buy order on NST for 200T shares at 5.5c when they were trading at 6.5...probably should have followed the herd and chased that one!
