If an investor is interested in buying an IPO, he or she will give the lead manager an order for a specific amount of stock. Since most IPOs are oversubscribed, indications of interest are usually for several times what the investor really wants. On some deals, the valuation of the IPO may be an issue. In this case an investor gives a limit order for the IPO. For example, the investor might say, "I'm in up to $15", meaning they will take shares if they are priced at $15 or less.