In the financial sector, the issue of shares on a capital market is also referred to as an issue. Emissions thus represent the IPO of an enterprise. Emissions are also carried out in the case of capital increases and new start-ups of companies.
The issue price, ie the price of a share on issue, is often determined by means of the order book procedure. Simultaneously, interested parties are asked to submit offers at a fixed interval within a certain subscription period. For an interval between EUR 50 and EUR 75 per share, a potential investor could, for example, choose which amount he would like to spend on the share. Depending on the demand, the highest bidders would be served at the end of the subscription period. In the case of great interest, the issuance results in a high average initial issue price and, in the case of low interest, a low and therefore more favorable issue price.