sorry to be blunt but no. you're looking at it from 'inside' - so you're not seeing it how an external investor will see it
every ipo represents a % of company being sold - almost never the full business. its always in return for cash dilution - as you put it. thats always the point of a raise.
eg in the US venture capital market its common to issue less than 5% in a given raise - for hundreds of millions, sometimes billions. Thats how they funded facebook amazon uber etc before they listed. Here up to 50% of the raise will go into public hands
there's no difference between listed vs unlisted about the math - just that being listed means ready liquidity and different risk/reward factors
the view is always simply - do I as a new investor get sufficient upside potential to make the investment a good risk/reward opportunity?
( %s of ownership is relevant as a control issue - but IPO investors dont want control. they want the mining people in charge)
so depth of discount vs peer projects and overall viability perceptions are generally the main driver of how readily an IPO is supported
which is why the deep discount of being only ~33% of the current sector average EV/ silver ounce (on my estimate for MMA pro forma) at IPO price - is key
every MMA share will represent the same inherent value proposition at an economic level
a large part of the argument for a Maronan spinout is the market
- will only value the project properly once it has large amount of cash so it is a live project with dedicated people and funds to drive it - because it is a large project and deep
- needs clear line of site to the project - not for it to be one of many projects competing for funds and attention in a 16 project portfolio
so the cash position any investor contributes derisks their own investment by addressing the 1st concern - and the IPO vehicle addresses the 2nd
and as ive said a few times - Maronan may go deep - but it starts shallowly enough, its the highest grade large scale silver project in Australia - (and being in Australia is more crucial this cycle than any other) - and the silver is only ~30% of the overall project estimated global resource value.
So arguably it should attract a premium - not a sector average price
The real issue at play here is that the project has been basically chronically undervalued - and so existing holders come to think that reflects its 'real value'
but this process and the mindset shift you will experience is actually really common for good projects discovered in one cycle but then forgotten during a big bear market.
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