"Benitec proposes to raise approximately US$60 - 70 million...

"Benitec proposes to raise approximately US$60 - 70 million under the IPO through the issuance of up to 5,750,000 American Depositary Shares1 (ADSs), representing 115,000,000 fully paid ordinary shares of Benitec (Shares). "
Notice it says "up to" 5,750,000 ADS. So, in other words if they release a bombshell right before the IPO they could raise 60-70m with a whole lot less. Remember, management also hold shares. They are not out to kill the value of their holdings. How would you react to them stating, "we are raising 60-70m by issuing up to 1,000,000 ADS." It would be too telling.