oversubscribed

A situation in which the demand for an initial public offering of securities exceeds the number of shares issued.

Investopedia Says:
The goal of a public offering usually is to price the security issue at the exact price at which all the issued shares can be sold to investors, so there will be neither a shortage nor a surplus of securities. If there is more demand for a public offering than there is supply (shortage), it means a higher price could have been charged and the issuer could have raised more capital.

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Underwriting term describing a new stock issue for which there are more buyers than available shares. An oversubscribed, or overbooked, issue often will jump in price as soon as its shares go on the market, since the buyers who could not get shares will want to buy once the stock starts trading. In some cases, an issuer will increase the number of shares available if the issue is oversubscribed. See also Green Shoe; Hot Issue.

The adjective has one meaning:

Meaning #1: sold in excess of available supply especially season tickets