correction, they don't go to the underwriter. note, the underwriter is Patersons. Patersons only get about 24million shares + equiv options.
The majority go to the priority pool of sub underwriters, chief amoungst these is the note holders from the goldmanscahs issue.
Thursday itself has no great meaning, it is the day the options will come onto your account but fact is the shares have already started trading and are showing in peoples accounts.
AXM Price at posting:
4.1¢ Sentiment: Buy Disclosure: Held