An initial public offering (IPO) in which, and contrary to bookbuilding, the final offer price is determined prior to opening the door for order placement by investors. This price, which is set prior to the offer date (by 2 weeks to 2 months) is typically declared and set out in the preliminary prospectus. The role of an underwriter is confined to distributing the prospectus to potential investors, collecting order applications, and allocating the shares.

In a universal offer, the price is fixed, rather than set within a price range. Universal offering does not give discretion to underwriters as to pricing and allocation of the offered shares.

It is also known as an fixed-price initial public offering, open offer, or public offer.