Fully Distributed Equity Value

I had an interview question on IPO valuation that asked me to exaplin how I would get to the fully distributed equity value of a Company. While I was able to articulate how I would value the entity, I didn't fully comprehend the "fully distributed" portion, logic would tell me that it's just the Post-IPO equity value of the deal once the new issue a has been distributed... but I cannot seem to find confirmation on that, Would anyone be able to provide further clarity?

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