Before the final price is set, the company and its underwriters state an expected range per share in the preliminary prospectus, for example a low and a high figure. The range is an estimate, based on how similar companies are valued and on early talks with investors.
During the roadshow, bankers collect indications of demand. If orders are strong, the range may be raised, or the deal may be priced above it. If demand is weak, the range may be lowered, the number of shares cut or the offering delayed. A revision is therefore a signal about demand, although not a reliable prediction of how the shares will trade.
Multiplying the price by the number of shares outstanding gives the implied valuation. It depends on which share count is used, so check whether options and other securities are included.
Read how the final price compares with the range, and look at the valuation figure behind it, not only the headline price per share.