Jenduri is a private company that is considering listing its shares for the first time on a local stock exchange via an initial public offering (IPO), They intend to list 30% of their 4 million shares on to the market. The company advisors have prepared the following schedule of equity valuations per share: $ Nominal value 0.50 Net assets — book value 2.34 Net assets - net realisable value 1.72 Dividend valuation model 3.35 What is the most appropriate valuation for the IPO?