Distribution of the securities of an issue to the subscriptions.

In the case of an IPO with subscription prior to the start of trading on the stock exchange, the underwriting bank, in consultation with the issuer, rushes the securities to those who have subscribed for them. If, in the case of a securities issue, demand exceeds supply, the allocation is determined either by lot or by a key. The allocation key usually takes into account certain target groups that the issuer prefers.

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