Oversubscription
The situation where orders collected exceed the size of the issue.
How to read the number
It lets the issuer cut the rate and raise the size, and it promises participants that their orders will be filled only in part.
When the metric lies
Demand in the book is not demand in the secondary market: some orders are inflated precisely in expectation of being cut. Such an issue often meets selling once trading starts.
Also known as: excess demand at placement