Price band

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

The band is a marketing decision as much as a valuation. Set it too high and the issue fails; too low and the seller leaves money on the table, which is why underpricing that produces a strong listing gain is common and is a cost borne by the seller.

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

Do that comparison before reading anything else about the issue.