The term unsubscribed refers to newly issued securities that have not seen much interest, or subscriptions, from investors ahead of the issue date or have not been offered by brokerages. If you wanted to own the newly issued shares, you’d be able to purchase them only as you would any other stock—through the secondary markets. In other words, shares from an initial public offering (IPO) that are not purchased, or subscribed, ahead of the IPO’s release are labeled unsubscribed.
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