Fines post on ihub., page-14

It seems to me that BLT and BMO Capital have agreed on a price of $13.06 to institutional investors If that is the case we can be confident that the opening price for the first parcel of remaining shares for the public will be above that amount. It is likely that price represents an underpriced value but BLT would have agreed to it.

Why underpricing? It provides the institutions with a larger premium assuming there is strong public demand

According to the graph in the following source the average underpricing by the underwriters for an IPO $60-80m is about 11%.
http://aswathdamodaran.blogspot.com.au/2012/02/facebook-playing-ipo-pop-game.html

On that basis we could perhaps expect the opening parcel offer price around $14.30 to test the water. If the demand is there then the next parcel is dearer and so on.