You are Close to answering your own question. Once the MM gets the Quotation approval they will reopen the Stock similar to an IPO. They use the Same Valuations as you would for a Newly Traded Company. I.E., Share Stucture, Current Float, Number of ShareHolders, Current and Future Potential Revenue, etc. Then a Bid/Ask is formed from that Valuation. Once the Stock begins Trading, The PPS will Eventually correct itself in either Direction depending on Supply/Demand.