Subscription period

The period during which investors can place their purchase orders for a securities issue.

When a company goes public or offers new shares as part of a capital increase, there are several forms of offering to investors. In the case of subscription, investors can submit their requests within a period of usually one to two weeks. This period is often called the bookbuilding phase. Only after the end of the subscription period are the issue price and the allotment practices published by the issuer. Another form of offering is the private placement.

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