What it is
The lead underwriter gives institutions an indicative price range and asks for bids with price and quantity. The result sets the offer price and institutional allocations.
Reading the result
Strong oversubscription with bids at or above the top of the range usually leads to a higher final price. The final price and demand ratio appear in the finalized registration statement or prospectus.
What to keep in mind
High demand does not guarantee post-listing gains. Look at the share of institutional bids with lock-up commitments too.
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This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.