While the price is much lower than IPO, the valuation metric (EV/EBITDA) used to sell the IPO is much the same. I can see a 1:1 rights issue at 17c as being realistic. Even then, they will still have plenty of debt.
IPO Now Price $ 1.00 $ 0.24 MC 177 42 Debt 9.5 48 EV 186.5 90 EBITDA 25.7 13.4 EV/EBITDA 7.26 6.72
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