What happens if the IPO is not fully subscribed?

If the issue is more than 90% subscribed but not fully subscribed, all investors will receive the full allocation.

If the issue does not reach the minimum subscription level of 90%,

• The issuer may extend the deadline for closing the issue and reduce the issue price.
• The issuer may reduce the Offer for Sale portion of the issue.
• If this is not successful, the issuer must return the entire subscription amount to all investors. The issue is cancelled.