Given the information below, what would you expect to be the implied EV/EBITDA at IPO?

Details ($ in millions):

• LTM EBITDA $75

• Comparable company EV/EBITDA 12x
• Proposed new equity to be raised $210
• IPO fees 7.0%
• IPO discount 10.0%
• Post deal public company costs $2
• Current cash and debt of $50 million and $250 million, respectively
• Proceeds from the offering will be used to retire existing debt

A. EV/EBITDA of 9.9

B. EV/EBITDA of 10.8

C. EV/EBITDA of 11.7

D. Insufficient information to determine