Lots of retail interest would have been generated by the PPP...

Lots of retail interest would have been generated by the PPP articles and other media coverage...

Wilsons would have given it a shove through their dealer networks as well.

IMO Incor have sold out probably via a book build after the placement with Wilsons or their own brokers which probably soaked up the demand for the shares you would expect from an over subscription. Their just isn't any rational explanation for them selling just enough on the market to drop below the substantial shareholder limit other than it was a prelude for exiting without causing a fuss.