The issue price is the price at which new securities — shares, bonds, or debentures — are offered to investors during a primary market issuance such as an IPO, FPO, rights issue, or NCD offering. In a book-built IPO, the issue price is determined through the price discovery process at the close of the bidding period — within the price band set by the company — based on demand from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail investors. The final issue price is typically the price at which the IPO is fully subscribed across all categories. In India, retail investors applying in IPOs receive a discount of up to ₹35 per share below the issue price if the company offers a retail discount — as was the case with several recent large IPOs. The listing price on the first day of trading may be at a premium or discount to the issue price depending on market conditions and investor demand, with the difference being the listing gain or listing loss.
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