GX current P/E is 4.5x

At $0.20, P/E is 2.6x

At $0.345, P/E = 0.345/0.2 * 2.6 = 4.5x

Korea P/E is 16x, but there will be listing 600M shares, current floating size is 1440M in SGX

Dilution will be 40%, or 60% of the final price….

At P/E 16x = 16/2.6 * $0.20 = $1.23

So at 40% dilution = 0.6*$1.23 = $0.738….normally they will list at 10% discount to the current traded, $0.738*0.9 = $0.665


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