I think the 20% discount is spin to appease the disgruntled mums...

I think the 20% discount is spin to appease the disgruntled mums and dads, they normally also quote the discount to 30 day VWAP which is a more suitable benchmark.
The real discount is considerably higher than 20%

Oversubscribed is always a better result than undersubscribed but not knowing who the stock went to the trading is going to be anchored until the Sophs that don't want to hold have flipped out for their quick stag profit.