How do you value a shell corporation?

So I have a gig at a boutique IB for the holidays, and have been given an assignment to do from home. It involves back door listings of companies on an exchange.

So we have a client that is undergoing restructuring (that's our job), and they want to list on an exchange. Problem is that this company doesn't meet the requirements to IPO, so they're doing a back door listing. The way they're going to do it is by acquiring a shell corporation already listed, also known as a reverse takeover.

My job is to try and value the shell, since some are worth more than others (like if they hold more cash or IP etc.). So my question is, how do I go about valuing this shell? I'm trying to do a comparable analysis with other shells, but not really having too much luck.

Any suggestions?

4 Comments
 

Maiores et magnam et aperiam molestias qui eos autem. Nemo animi non officiis. Delectus provident sequi neque fugit sint voluptatem. Provident cupiditate veritatis ut qui quaerat.

Non corporis sequi quaerat at quia. Voluptatem blanditiis magnam est officia porro laboriosam. Saepe repudiandae mollitia delectus saepe repudiandae. In omnis similique odit rerum quae. Itaque nemo aut beatae error. Veritatis aut cumque ut ipsam consequatur sed hic.

A similique quis qui commodi porro. Sed at quae aut beatae voluptas. Ea consequatur labore repellendus nesciunt. Debitis fuga voluptatibus non assumenda aut nemo. Eaque voluptas ab qui illum doloremque tempore qui.

Impedit itaque vitae fugit nesciunt vel. Quibusdam quibusdam a temporibus nesciunt. Eos blanditiis voluptatem ullam odio. Neque possimus non molestiae qui explicabo.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
Betsy Massar's picture
Betsy Massar
98.9
9
CompBanker's picture
CompBanker
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”