As MDA aims to raise $500M in an IPO is it under or overvalued (updated)

MDA Ltd. has released its preliminary prospectus for its initial public offering (IPO) and is looking to raise $500 million with an offering price per share between $16 and $20. If the interest in the IPO is strong, then the company could be valued at $2 billion as it goes public. That valuation would suggest a nice return on investment for Northern Private Capital (NPC) who bought the company from Maxar Technologies just over a year ago for $1 billion. However, is the company worth this valuation?