How is the issue price determined for a private PropCo / REIT looking to IPO?
It being a REIT and all, you have the benefit of valuers assigning a market value to the underlying assets a.k.a. Gross Asset Value (GAV). Assuming you adjust this figure to get your Net Asset Value (NAV).
Would you take the NAV over the number of shares to be issued, apply a slight discount and that's your price? or are there other things to consider?
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