“A COB is the price that a customer is offering to pay for an IPO. The COB is for a range that is less than 20% below the bottom end of the price range, and less than 20% above the top end of the “”price range””. For a secondary offering, the COB does not have a “”price range”” because pricing is based on, and usually near the closing price of the stock. A COB can be canceled at any time up until an offering is effective. Once the offering is effective the COB is a valid contract and can’t be canceled.”
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