What is the real value of a single share of company stock? Let's ignore the "the value is what someone is willing to pay for it" angle. At some point, there has to be a real inherent value to company stock for it to be worth someone paying money for it.
Stocks that pay dividends have an obvious value, but not all stocks do that. I'm not asking about dividend-bearing stocks.
There is also the notion of gaining control of a company by purchasing a controlling interest. I'm asking about stocks where this is an impossibility (more than 50% owned by a single individual, etc.).
So, to ask a specific, if hypothetical, question:
Assume a company at IPO; call it XCo. XCo is quite profitable. Before the IPO, XCo is 100% owned by a single person; call him Mr. X. The IPO documents show that after IPO, 51% of the stock will be retained by Mr. X, and that there is no intention of paying dividends.
Why would anyone be interested in purchasing stock in XCo?