I agree they have been waiting to amass a large backlog of...

I agree they have been waiting to amass a large backlog of ongoing orders and expect they will have gathered more than $200M pa in orders by the IPO or something in excess of $3/sh.

We know they want a list price of $25 or more so they don't dilute more than the minimum and you can take that as a certainty. If they keep it to a minimum they could limit the fully diluted register to about 56M shares. If they list the placement shares at $25 they will probably do so on the basis of the ASX experience and so use a projected pe of 15-20. Assuming the net profit after tax is 35-40% of gross sales, a $25 price needs about $200M pa in gross orders. If they haven't received that already I would be surprised. The valuation is based on orders over the next 3 years (peak annual average) so the feeling I am getting is that there is more risk on the upside than downside. That is why there is reluctance to agree to $25 since it may have to be higher if the book build reaches much more than a peak $200M. We know that the current share price is backed just by the current first year projected Larsons sales alone. The Visteon deal will be worth about $120-150M pa gross in the valuation and all the other deals such as Hafele, Porters, Takata and about 10 others will add a lot more to the 3 year book build list. The addition of Dell would change everything. If every Dell had an Intevia security fastener built in at say $8-10 then that would add over $400M pa to the book build. How they could then place shares at only $25 would be interesting to see! I see the value falling on the upside not the downside. When you buy a Dell you gae facilities built in that many don't even know about or ever use so the Intevia fastener is not going to be an option but a standard feature. All the BAE applications and the various aerospace applications may occur further down the track but there is so much already known that the IPO will fly. Post IPO all these can be fed in to the market.