The call auction price helps determine the initial listing price. Here’s how it works: During the auction which will last for just 60 minutes before initial listing, all the buy and sell orders are collected. The exchange then finds a price where the highest number of orders match. This match price becomes the final auction price. The final auction price will be very close to the actual listing price when spot trading start. If most people list high, and buyers match it, the initial market price will also be high. If many list low, it can drag the price down. So, the strategy of setting a high price during the auction is to influence what the first price will be when Pi officially starts trading. That way, instead of Pi launching at a low price, it could start closer to the target if enough people hold that price line.