IPO - indicative information, page-8

Well I don't know how the book is like so I can't tell you how much the clearing price falls by

But it's pretty clear (I would think) the larger the cap raising, the more discounting you need, all else being equal. Plus, this is quite simply how book building works, instos tell book runners they want 20m shares @ $3.5, 15m shares @ $4 etc. If your book is 3x oversubscribed @ $3, it probably means you can push the price to $3.5 and be 2x oversubscribed etc.

And judging from BLT's US listing, we know that demand isn't always so strong