What It Means
The equilibrium price, shown as the Indicative Equilibrium Price (IEP) while it's still moving, is the single price an exchange computes during a call auction so that the largest possible number of shares can actually be matched. It's the number that decides where an IPO opens on listing day.
How It Works
Every order placed during the auction's collection window gets pooled together. When the window closes, the exchange checks every possible price and picks the one that clears the maximum trading volume. If two prices would clear the same volume, whichever leaves fewer unmatched shares wins; if that's still tied, the exchange picks the price closest to the issue price. Until that moment, the number shown on a trading app is only an indicative estimate, recalculating every time a new order lands, not something anyone can actually lock in.
Warning
The ticking "indicative" price during the auction isn't tradeable. It becomes real only once the collection window closes and the exchange fixes it.