"Why would they wait until NASDAQ listing and pay 3 to 5 times...

"Why would they wait until NASDAQ listing and pay 3 to 5 times more."

3H I think you answered your own question with this:

"anyone wanting a small parcel of stock will push the price up 20+ cents."

Presumably if US buyers want large parcels they may think they are unlikely to accumulate much by buying on the ASX and by trying to do so will pay a lot more overall as they could drive the IPO price up. Also, I'd imagine the US buyers (if there are actually any) would probably wait and come in to the market when DKR's next sell off comes.

Also, in relation to mm's comments about delist and IPO price being close I would expect this to be the case as well - both the delist and IPO would have to be done via issues of Product Disclosure Statements (or similar docs if the IPO is targeted at the US equivalent of sophisticated investors) with independent experts reports - It would be pretty hard to justify buying shares from the ASX shareholders for say $8 a share and offering them to NASDAQ holders at say $15 a share. I think management would prefer to spend their time running the business than explaining any major differences in delist/IPO to the ASX and ASIC (and possibly the US authorities as well).