IPO - UUV Aquabotix Ltd, page-192

Normally it's security against the SP.

I don't normally trade options but UUVO is attractive as the strike rate is cheap (.22c) and due to people dumping shares on day 1-3 it has put pressure on the SP which in turn affects the price of the options. They're also another cheaper way to invest in a company and can still provide good returns by trading them out as opposed to executing them.

It all comes down to what you value the company and whether you believe it will trade at a much higher price into the future.