ASX Today, page-396

I wonder whether they thought there is only a certain amount of $ instos are willing to throw at this sector in the early stages so better to get in early at a discount, but get $, rather than not get any $ at all.

Either way, on the ZLD CR price, we can see now that that is a common discount we are looking at at CR times when going to instos and sophs.

CPH did have a tighter spread with their CR, but they went down the line of a share purchase plan to retailers also (in addition to instos and sophs), which in my opinion enabled them to have a higher CR price as they would have been more confident that retail investors would have picked up any slack considering they had access to the shares at a discount to the market price (and considering the hype and fomo around this sector atm).

All IMO.