IPO - QEM Limited, page-12

I read it differently.

The indicative free float on listing is an estimated 35% which lines up with what is stated in the prospectus.



moving to escrowed shares. Highlighted below and taken from the prospectus. 66 million shares to be subject to escrow arrangements. So that lines up with the estimated 35% free float/tradable shares on listing day? roughly 35 million shares.



If I'm wrong I still don't believe the stock would be sold down at all purely due to the comparitive value with other Australian Vanadium peers. The valuation and IPO price of 20 cents is a bargain. It values the company with only a 15 million EV and fully diluted market cap of 20 million. At the advanced stage where they are at that appears good value to me.

Rebar standard changes in China come into effect in November which is why Vanadium price has not retreated over the last month and although ASX peers such as TMT, AVL and KRC have given back some of their recent gains the fully diluted market caps of these companies still range from 40 million to 100 million.

Going by the info I posted above I still think it will be a strong listing.

Don't forget I didn't even account any value at all for their shale oil.

good luck to everyone who receives an allocation.