"Of the current open offersI'm looking at just AIA's offer is...

"Of the current open offersI'm looking at just AIA's offer is the more standard IPP/ SPP, except the maximum is $50k (which is bigger than the $15k max that we have usually seen in the past)."

I not SPPs being a lot bigger than $15k these days. (The COH and REH SPPs are $30k... I think that's the new norm)


"Looking at the numbers in terms of the relative size of the AIA issue it looks like the SPP will be pretty heavily scaled back (if the market stays roughly where it is atm)."

Well, one way to assess the scope for SPP scale-back is to look at the number of individual shareholders a company has. In AIA's case the shareholder base is very granular (around 50,000 of us!), so if even just half of use applied for $50k worth of SPP stock that would amount to over $1.1bn.

So, you're right: meaningful scale back is likely (which begs the question as to why make the SPP so big to begin with).