If you take $500B valuation devide it by 9B outstanding shares you get $55.55, that is the value of the stock. 9B is the total shares after warrants are exercised. They will need to discount the value to attract investors. If you discount the value by 15% you get $47 pps, if you discount it by 25% you get $42 pps. 7.2B is 80% of the total shares, that is what the gov will own. If they IPO 10% of their shares which is .72B shares at $47 that makes $34b, exactly the value of the JPS at par. I think they use that money to buy back the JPS. That puts their remaining equity in a better position.
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