I think they were just a bit unlucky with their timing. The...

I think they were just a bit unlucky with their timing. The Insto component of the offering closed first and they were probably locked in before the recent market correction was fully evident. By the time the retail offer closed the overall market was in a death dive and people would have been reluctant to put in new cash into anything (especially with the tight pricing).

The other things to keep in mind with INA is that it must be very close to getting included in the ASX200 index at which point all of the index funds will have to hold the stock and the investment mandates of other funds will allow them to hold the stock. Hopefully this will help soak up the overhang from the shortfall.

In the long run of course the only thing to get the SP up is operating performance ! Hopefully they can get their development life cycle ramped up and really generating value.