Ann: Appen to Acquire Figure Eight & Launch Capital Raising, page-78

' I still think it will trade toward the offer price as people flip some profits in the hope they can replace them through the offer at a lower price. Understandable given the dilution but risky should it be largely scaled back. '

That was perfect exactly where it is trading right now, went down toward the offer price, however not near the offer price.

People have to remember

$285m was offered to instos at $21.50
$15m will be offered to retail at $21.50

There will be a mad scramble to get a piece of that $15m, so basic laws of demand and supply will apply. High demand, extremely low supply. The moment the $15m worth of $21.50 is snatched up, what is next? Demand will start munching at the $22's $23's and $24's.