Maybe I should also add that it is by no means 100% sure that a minority interest will be handled as "simple" as just take the % owned * NI and allocated.
I think it's a bad idea to give the shareholders an 18% stock "divi" if you only need 14% more to get to 51%. With a 51% stake they can consolidate 100% of the assets and revenue.
Unless... they already know they will get that 32%.
The "problem" is, I think they need the pre-IPO to make the IPO a success. That's usually how it works. Bring a couple of big shots on board so the exchange can't deny them access.
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