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Courses Glossary Register Login Home     Financial Terms and Glossary     Devolvement Devolvement

Devolvement occurs when an underwriter or a group of underwriters is forced to purchase unsold shares or securities from a public offering, particularly in cases where investor demand falls short of expectations. In the context of bond or equity markets, underwriters are often responsible for ensuring that a public offering is fully subscribed, and when they fail to sell all the securities, they are obligated to buy the remaining amount. Devolvement usually signals weak market demand for a particular offering and can impact the issuer's confidence and the reputation of the underwriters. It may occur in challenging market conditions, where investor appetite is low due to economic uncertainties.

Example:

If a company’s initial public offering (IPO) is undersubscribed, the underwriters must buy the unsold shares, resulting in devolvement.

Key points

• Occurs when underwriters buy unsold shares or securities in a public offering.

• Reflects weak investor demand for the offering.

• Common in challenging or uncertain market conditions.

Quick Answers to Curious Questions What does devolvement mean in financial markets?

Devolvement occurs when underwriters are required to purchase unsold shares or securities from a public offering due to low investor demand.

Why does devolvement happen?

Devolvement happens when an offering is undersubscribed, often due to weak market conditions or lack of investor interest.

How does devolvement affect underwriters?

Devolvement can strain the financial resources of underwriters and negatively impact their reputation in the market.

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