LLL Ownership Structure, page-12

@manny100
"MC of $500 mill on listing.?"

I have not read the IPO will be 10% of issued shares - have I missed something?
As far as I know we have no way of knowing the pre IPO market cap of LEO till the prospectus gives us an issue price for the IPO & distribution ratio.

We do know it's FFX's intention to retain a 20% holding in Leo and the other 80% distributed in-specie to FFX shareholders, as for the share price that will depend on the distribution ratio. Unlikely to be 1:1 could be 1:3, 1:2 or any other ration including fractions.

Based on the Placement document, FFX intends to spend $10m in the IPO to maintain it's 20% holding, so you can deduce they'll raise $50m with the IPO. Again only available to FFX shareholders o participate in.