Circle

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Circle

Underwriters, actual or potential, often seek out and "circle" investor interest in a new issue before final pricing. The customer circled has basically made a commitment to purchase the issue if it is available at an agreed-upon price. If the actual price is other than that stipulated, the customer supposedly has first offer at the actual price.

Circle

Informal; to attempt to find investors for underwriting purposes. Before a new issue, underwriters circle potential investors, who may or may not book an order to buy a portion. Potential investors are provided with a preliminary prospectus if they are circled and indicate interest. It is important to note that circling is non-binding because it is illegal to sell a security that has not been issued. See also: Overbooked, Underbooked, Fully Subscribed, Indication of Interest.

circle

A process used in finding interested buyers of a new security issue before determining the final price. A potential customer will be given a preliminary price (for example, the interest rate for a bond or the selling price for a stock) and will commit to a purchase if the issue is actually priced at the preliminary estimate. A different price permits the customer to back out or to get the first chance to buy the issue at the new price. Compare indication of interest.
References in classic literature ?
When they were right over the middle of the assembly they wheeled and circled about, beating the air with their wings and glaring death into the eyes of them that were below; then, fighting fiercely and tearing at one another, they flew off towards the right over the town.
With wondering eyes she looked upon the bright worlds that once seemed dim and distant, when she gazed upon them from the sea; but now they moved around her, some shining with a softly radiant light, some circled with bright, many-colored rings, while others burned with a red, angry glare.
In another direction were to be seen some of the sources of the Oregon, or Columbia, flowing to the northwest, past those towering landmarks the Three Tetons, and pouring down into the great lava plain; while, almost at the captain's feet, the Green River, or Colorado of the West, set forth on its wandering pilgrimage to the Gulf of California; at first a mere mountain torrent, dashing northward over a crag and precipice, in a succession of cascades, and tumbling into the plain where, expanding into an ample river, it circled away to the south, and after alternately shining out and disappearing in the mazes of the vast landscape, was finally lost in a horizon of mountains.
When a man is not adequately appreciated or comfortably placed in his own country, his thoughts naturally turn towards foreign climes; and David's imagination circled round and round the utmost limits of his geographical knowledge, in search of a country where a young gentleman of pasty visage, lipless mouth, and stumpy hair, would be likely to be received with the hospitable enthusiasm which he had a right to expect.