An order that is submitted by a bidder (individual or institutional investor) to an underwriter, in an initial public offering (IPO), at a specific price within a prespecified price range. The underwriter compiles orders from investors in various amounts expressed at various limits. Bidders specify a maximum price at which each is willing to pay for a given number of shares. Therefore, such bids convey more information to the underwriter than strike orders.

Price-limited orders are compiled as staggered orders or stepped bids.