True but even the Conditional Placement is fully underwritten...

True but even the Conditional Placement is fully underwritten and already placed with insto funds.

As to Bell Potter (further up the thread), they are the retail arm of UBS and so are publishing UBS research. However UBS not an underwriter.

Interestingly JB Were which is a lead underwriter, have a forecast of 38, even though they are meant to be restricted in forecasts during the issue. Not sure if they published this forecast before the issue.