A situation when an underwriter has successfully sold all the securities of a new public offering issue, set aside or reserved for sale to institutional investors (hedge funds, banks, financial firms, etc). The main goal of underwriter is to sell new issues, while setting to determine the price at which all of the available securities will be sold to investors. It has to make sure the security under-priced.

In idiomatic parlance, it is referred to as “pot is clean“.