What is the term for a method of issuing securities where investors place bids for shares they are willing to buy at specified prices?

The term for a method of issuing securities where investors place bids for shares they are willing to buy at specified prices is known as a Dutch Auction. In this process, instead of setting a fixed price for the shares, the issuer allows investors to submit bids indicating how many shares they would like to buy and at what price. The final price is determined based on the highest price at which the total volume of shares available can be sold, which can help maximize the issuer's proceeds and ensure that the shares are sold at a price that reflects current market demand.

This method is particularly beneficial for issuing securities in a way that aligns prices more closely with investors' willingness to pay, potentially leading to a more efficient pricing mechanism. It contrasts with other methods like an Initial Public Offering (IPO), where shares are typically sold at a predetermined price set by underwriters, rather than through competitive bidding by investors.