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Describing a situation in which investors show a lack of interest in a new issue of a security. Before a new issue, underwriters canvass potential investors, who may or may not book an order to buy a portion of the new issue. If investors do not show interest, the security is said to be underbooked. This may affect the price when the security is actually issued. See also: Fully circled.
Of, relating to, or being a new security issue in which investment bankers find a general lack of interest among investors before the issue date.