I don't think that's quite right - there will be people who bid for less than their pro-rata allocation: So if that 12% is made up of several very large shareholder (e.g. $1m plus) then the maximum they will get is 3% of their holding, and if they didn't go in for the full $30K it will be even less.
And presumably the scaleback will be an adjustment to the application amount, not just a pure pro-rata on initial shareholding (so shareholder A with 5,000 shares who bid for $15K will get half the allocation of shareholder B with 5,000 shares who bid for $30K. So to know the actual number you would need to know the number of shares held by participants and how much they bid for.
As a ballpark estimate though:
There was $54.7M of applications capped at $10M. So the average adjustment will be 18.3% of application; pro-ratad so that larger shareholders get a smaller scaleback. 3,104 eligible applicants held 12% of SOI (130M) shares means an average holding of 5,025 shares. So rough guess is you'll get 18% of your application if you held 5,000 shares, adjusted up or down from there.
BRG Price at posting:
$22.53 Sentiment: Hold Disclosure: Held
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