The initial estimated per-share price range a company and its underwriters set before the roadshow, based on comparable-company valuations and early investor feedback. It's refined (and can move up or down) as the roadshow progresses, before a single final offer price is set the night before trading begins.
The offer price range is the first real signal of how a company and its bankers value the business, since it implies a rough valuation months before any of it is confirmed by an actual trade. Watching whether the final range moves up, down, or holds steady as the roadshow progresses is one of the clearest real-time reads on investor demand available before a deal actually prices.
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