This basically just looks like lotion to me; the only primer-ish ingredients are the starch and silica, which will both help mattify your complexion. Silica can also be drying if over-used (which is likely why it’s so far down the ingredients list; I’d guess it’s used at 1-2%, if not less). The vitamin C is a nice notion, but would be hard to include in a stable and effective manner at home.
I’m also quite concerned that this product appears to be completely unreserved despite containing tons of bug food, and I have no idea how they are emulsifying it as it contains no emulsifiers, just thickeners (the wax and Hydroxyethylcellulose).
So, yeah… basically, this formula baffles me. Without trying it I have no way of knowing if it actually works as a primer, but there’s a couple red flags in terms of safety and stability from looking at the ingredients list. Hmm.