In relation to an initial public offering (IPO), specifically an IPO cross, it is a period that precedes the release of an IPO for trading. An exchange accepts quotes and orders for indicative clearing price, commencing the process for imbalance information dissemination. The IPO quote-only period lasts for a few minutes (approximately 15 minutes).

In case of excessive volatility during the quote-only period, an IPO may be extended for a few minutes (a five-minute interval).

During this period, placed orders can be cancelled, and no executions can take place before an IPO is released for trading.