The scale-back could easily be 50% or more if (as expected) most...

The scale-back could easily be 50% or more if (as expected) most shareholders apply. However, the scale-back may not be uniform across the subscription range: it’s common in these circumstances to accept in full those applications below a certain (low) threshold, and then to apply the scale-back only to applications beyond that level. If the scale-back is large it’s also likely that a maximum entitlement will be set, probably well below the maximum application allowable under the offer (I.e., $30,000).