No that's not how it works because companies have to worry about...

No that's not how it works because companies have to worry about many things, including sentiment. It's a really bad look when a company has to go back into the capital market to raise further capital because the first raise wasn't successful. I work at arms length with the treasury team (capital and liquidity) in my company so I'm across the finer details of instos vs retail raisings.

One of the main reasons why our treasury team would always go to instos is because they can't get the volume through retail (admittedly my company isn't a fast growing fintech where the share price is at a massive premium to SPP price). It tends to be like 60%-80% underwritten instos and the rest is non-underwritten SPP. In a crisis environment we'd go 100% instos due to the speed and certainty.