I think that the change of Offering Price between the 12th and...

I think that the change of Offering Price between the 12th and 13th (IPO date) i.e. at the last minute, from some USD 12.10 to USD 8 (i.e. by 1/3) is the most unsettling element. I posted both of the numbers here on both days. It's true the Underwriters / Lead Managers (Morgan and CS) then issued more shares, and as I quoted  in a very early posting here during this process (but still very recently) they then increased the number of shares at the lower price, raising  USD60M, apparently some 14% less than anticipated.
IPO is of course the Primary Market, the Capital Raising. That was the raising, the number of shares finally offered by the revised price.
Anything else is the Secondary Market (what we work in...or is it play). Well, for me it's work.
Anyway, I've made earlier comments about the relationship between the local listing (MSB.ASX) and the foreign listing (previously, MBLTY:OTCBB) and the source listing (MSB:ASX) i.e. the price of the foreign is the local directly converted to USD and multiplied by 5 equaling one (1) ADR (American Depositary Receipt) - they stay in sync.
Note that the chart here indicates MESO as a logical successor of MBLTY:OTCBB (last traded at USD 12.11 - the original IPO price: NOT a co-incidence). MBLTY is no longer found - presumably de-listed.
http://stockcharts.com/h-sc/ui?s=MESO
I'm not 100% clear as to the difference between this IPO and the earlier ADR (MBLTY), since this Offering was publicized as an ADR (or ADS)
***Once again, if someone can enlighten me, please do.***
I think the relationship between the two listings has now changed, and may no longer be as described above.
The US listing closed as follows, Friday, NY time: (USD, of course: don't forget 1 ADR  = 5 shares....again....don't forget.)
Mesoblast Limited Stock Quote & Summary Data
MESO
$8.11

0.11

1.37%
Read more: http://www.nasdaq.com/symbol/meso#ixzz3rQeR6kBy