If an investor is interested in buying an IPO, he or she will give the lead manager an order for a specific amount of stock. Since most IPOs are oversubscribed, indications of interest, or IOIs are usually for several times what the investor really wants. On some deals, the valuation of the IPO may be an issue. In this case an investor might give a limit order for the IPO. For example, the investor might say, "I'm in up to $15", meaning they will take shares if they are priced at $15 or less.
an order placed with the lead manager by an investor for a specific amount of stock in an IPO, often more than the investor wants, since IPOs tend to be oversubscribed; the investor may give a limit order, indicating the maximum price per share at which he or she will buy