Pepper Group IPO, page-26

As Nani indicated, Pepper lists tomorrow at 11 am EST.
Will the market price it as a finance stock, AFG, Mortgage Choice etc or a service type stock, Veda, SGFleet.
( As with Medibank there was a lot of discussion around pricing it as an insurer or health related business.
The end result with Medibank, it was priced with a PE closer to health related businesses. )
If you assume it's mortgage management business will be valued more as a service then I think the price range for
listing tomorrow will be around $3.00 to $3.50 .
Any views please ?