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 periodicals archive ?
Enrolment in an Investigational Device Exemption study is expected to begin sometime in the first quarter of calendar 2005 upon approval by the FDA of the tool-box approach that will now include Arctic Circler Balloon, Arctic Circler Linear and Freezor MAX.
I was ecstatic with the success of this particular case and very impressed with both Arctic Circler and Freezor MAX.
For many years, circlers were the wives or partners of members of the Round Table, but in 1993 the rules were changed, and the Ladies Circle is now open to any women aged between 18 and 45.
This invitation is for the wives and partners of past Tablers as well as all past Circlers.