In contrast to usual valuations, we only consider comparable public company IPOs.
We select similar public companies, choose the most pertinent multiple to apply, and base our estimate of our company's Enterprise Value on that multiple.
Once we have Enterprise Value, we can work backward from there to get the Equity Value. We also take the IPO profits into account since they are "new" funds.
The price per share is then calculated by dividing the entire number of shares—both existing and newly issued—by 100. This is what people mean when they say "An IPO valued at."