Company (EcoBiotics) has been around since 2000. They did a ~$3m...

Company (EcoBiotics) has been around since 2000.  

They did a ~$3m private raise in 2009 @ $32m valuation.  I have known it since then.

If you look at Axstra transactions list they have raised about $25m for Qbiotics/Ecobiotics since then.
http://axstra.com.au/past-transactions/

I think the tech has a lot of merit but I haven't seen much commercial progress since over 7 years and $25m spent.

Also, if you read between the lines, there are a LOT of shareholders that have been tied up for between 3 to 7 years.  I would be inclined to let the IPO go and buy on market at a later date as these all exit.  With a $110m MC many will take the profit if the opportunity presents itself.

That said, Axstra also did MJP which went ballistic in the first month before settling down.  They know how to do PR in support of a float