Underwriters , actual or potential, often seek out and "circle" investor interest in a new issue before final pricing. The customer circled basically made a commitment to purchase the issue if it comes at an agreed-upon price. If the actual price is other than that stipulated, the customer supposedly has first offer at the actual price.
CIRCLE
Meaning of CIRCLE in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012