It is an issue of cost. Whether you issue shares for 10,000/- or 100,000/- or 1,000,000/- the cost to the Issuer is (almost) the same.
So it makes sense [if the market is there] to issue 100 shareholders x 1,000,000/- than 10,000 shareholders x 10,000/- coz the former is significantly cheaper.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett