To determine the initial share price is quite simple:

Take the assets of the company and divide by the number of shares. For example, if a company has assets of $1M and they have 100,000 outstanding shares, then the share price would be valued at 1,000,000/100,000 = $10 per share.

Of course, the real question is how to value what assets a company has...do you include intangibles such as goodwill, future prospects, etc.? But anyways, MMI will probably be initially valued in this manner.

I recall the board transferred approx. $5M to MMI. If someone knows how many outstanding shares there are of MMI, then a quick calculation can be made of what the IPO should be.

Trainboy