The upper and lower price boundaries within which an underwriter is expected to set the offering price in an initial public offering (IPO) for an issuing company. At the beginning of the bookbuilding process, the underwriter proposes a price range for the shares. Investors place non-binding orders at different prices within the range, reflecting their expectations about the market price of the stock on the first day of trading (through a process is called indication of interest). The price range is mentioned in the prospectus, but is not final, as demand will eventually determine the final offering price.

The price range is also known as a offering range.