I haven't been through an IPO, just buyouts. Perhaps someone can explain for me the process and shareholder profit aspects.  I'll start it off: Magpie's likely value for IPO is 100million. 100 million may be undervalued in ordered to give investors incentive to buy in- anticipating an immediate SP increase. Not sure how many shares will be issued, but FNC's number may be worth $50mil.  FNC retains these shares, and our SP should reflect the possession of these shares. Smith said he will then need to balance the amount to dividend out to shareholders and retaining control over magpie property. Shareholders portfolio holding FNC is increased or pockets increase with dividend equalling the same.  In addition, he'll be selling Offtake percentage which further increases FNC asset value -increasing FNC SP. in addition Offtake cash can be used to increase the tonnage by exploring the rest of Magpie. The magpie SP can increase as the ore moves to measured level of confidence. FNC's market cap increases as Magpie market cap increases.  Though giving away an asset for .50c seems low, it could quickly grow to $2 on opening day. Some people have said much more. This is my primitive understanding.  Maybe others can explain how warrants are involved, how to buy shares before an offering, and general IPO price strategies.   -sg