Price band

The range within which bids may be placed in a book-built offer, set by the company and its bankers.

Setting the band is a marketing decision as much as a valuation. Set it too high and the issue fails. Set it too low and the seller leaves money on the table, so underpricing that produces a strong listing gain is common, and it's a cost the seller bears.

Comparing the implied multiple at the top of the band with listed peers is the most useful two minutes of work available to you as a retail applicant, and the offer document gives you the peer table to do it.

Do that comparison before you read anything else about the issue.