A series of presentations company executives and underwriters give to institutional investors in the weeks before an IPO prices, pitching the business and gauging demand. Investor feedback from the roadshow directly informs where the final offer price range is set.
What happens inside a roadshow rarely becomes public in real time, but its outcome is highly visible afterward: strong demand typically shows up as a final offer price set above the original range, or a deal upsized beyond its planned size. Weak demand shows up the opposite way — a price cut, a range set at the low end, or in extreme cases a postponed offering — making the final price itself a useful proxy for how the roadshow actually went.
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