Morgan Stanley, leading the sale, is asking institutions to state share amounts and maximum prices as Cerebras targets up to $3.5bn and plans to price the offering on 13 May.
The approach is intended to help the company and underwriters measure demand more accurately across different valuations as interest in the AI chipmaker's stock builds.
Requiring limit orders signals strong appetite for the listing and could shape final pricing for one of the larger artificial intelligence-related IPOs in the market.
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