The underwriters do not want to be left with stock so they need...

The underwriters do not want to be left with stock so they need the price to be above 27, and significantly so, otherwise retail investors will not take up their entitlement. Why would you buy stock at the issue if you can buy it cheaper in the market? Hence underwriters have to get the stock higher than 27. The retail offer runs until 8th September.

Remember there is also a $230m placement to instos to be agreed in September.