Direct from PH at roadshow 50:1 likely (so not gospel).
Been involved in other Aus biotechs listing on NASDAQ and with hindsight ratio was too low (10/20:1).
There are strict NASDAQ listing rules around minimum SP (ADR's) and MC. Therefore, to err on the side of caution and taking into account number of SOI, 50:1 looks right - IMO.
Joe do the math:-
Assume modest initial holding inventory of shares by depository bank to be converted into ADRs
1 million ADRs = 50 million ASX IMU shares
10 million ADRs = 500 million
And so on....average ASX average daily volume was until recently 20 million.
It's possible (likely) JPM have a good handle and prepping for NASDAQ now holding 9% of IMU stock - either on behalf of clients or inventory in readiness.
BUT - when listed (fanfare announcement(s)) demand may be significantly more than that available from 'inventory' forcing depository bank to buy 'on market'
Leave it with you to work out what that might mean to ASX SP
Direct from PH at roadshow 50:1 likely (so not gospel). Been...
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Change
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Mkt cap ! $417.2M | |||
| Open | High | Low | Value | Volume |
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