Concert drawing
As a concert drawing the behavior is referred to certain investors in the wake of an issue of shares . These investors speculate that there will be an oversubscription and a reparation, i.e. the demand will exceed the supply and the securities will therefore be distributed according to an allotment quota, whereby all investors will receive fewer shares than actually desired. In the case of a concert subscription, an investor therefore submits subscriptions (often to several banks at the same time) in an amount that in some cases significantly exceeds his needs, hoping that the number of shares allocated corresponds or roughly corresponds to the desired number of shares. For example, if the investor expects an allotment ratio of 2: 1, he will subscribe for twice as many shares as he would actually like to receive. Concert subscriptions are risky, because if there is no oversubscription, the investor can be charged the entire amount of his subscription - which is then to be regarded as excessive.