26M Gross Short, page-4

there is 'completed', and then there is 'completed'. If true high demand then the underwriters would concentrate to issuing stock to long-only funds, such as pension funds. That way they can be fairly certain that the new owners are in for the long term. If they are struggling to complete the issue, and it is underwritten, then they will sell to hedge funds and prop desks. That is when you get a bad result - like we have now. Prop desks and hedge funds will treat it as a punt. if it doesn't make instant profit, they will dump faster than you can blink. If they do have access to A$3.85, as I assume they do, then this is the result.

So, completed could be giving stock to their own prop desks (at 3.85), and then standing back to witness the bloodbath. All depends on the terms of underwriting agreement - but it is logical, and the results seem to support my thinking.