PSQ ended its first day at $1.78. It's prospectus reads like a mini VEI, with clearer emphasis on business model not being to contract its dentists, rather facility and services provider, much where VEI is now heading after turbulent years, akin to the IVF providers and others that have conquered the exchange in recent years. At a gross EV multiple (PSQ has net cash of $12m, VEI net debt of $14m), PSQ is trading nearly 3 times VEI's value (!). I'd guess clearer roll out model and industry dynamics contributing factors (ability to bring on more dentists from larger pool available, less power than ophthalmologists), however difficult not to conclude difference is quite stark and unjustified at such an extent.
PSQ ended its first day at $1.78. It's prospectus reads like a...
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