On the front page of the preliminary prospectus, the company indicates a price range within which they expect to sell stock. The range of US companies usually has a spread of $2. For example, $15 to $17. However, the ultimate price to the public may be above the range, below the range or within the range, depending on demand and market conditions. Regardless of the impact on valuation, some investors will indicate interest if they hear that the deal will price above the range, and avoid it altogether if the price talk is below the range.