In the prospectus, the carrying value of TTNGL was written down to $2,685,745 million and they are offering to the public 49% of TTNGL (i.e. 2,685,745 x 49% = 1.3 billion). The IPO is for 75,852,000 class B shares at TT$20 per share or 1.517 billion so the public is paying a 15% premium over what t...