> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gocenti.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Subscription Offers: Invite Investors to Participate
> Create, activate, and track subscription offers in Centi. Send individual or bulk offers to investors and manage the full signing and settlement lifecycle.
A subscription offer in Centi is a formal invitation for a stakeholder to subscribe to securities in a program. When you create an offer, Centi records it as a draft you can review and edit before it is sent. Once you activate an offer, Centi notifies the individual by email and they can view and subscribe to the offer via the Investor Portal. When the subscription step is done the next step is signing where Centi sends it to the investor through DocuSign for signing. After the investor signs — and you countersign where required — you settle the offer to record the resulting securities movement in the share register.
## Offer lifecycle
Every offer moves through the following states:
| Status | Meaning |
| -------------- | ------------------------------------------------------------------------------- |
| **Draft** | The offer has been created as a draft and has not been sent to the investor yet |
| **Active** | The offer has been activated and sent to the investor |
| **Subscribed** | The offer has been subscribed to |
| **Declined** | The investor declined the offer |
| **Signed** | All required parties have signed the DocuSign envelope |
| **Paid** | The offer has been marked as paid |
| **Registered** | The offer has been completed and share register is updated |
## Create a single offer
In the Fund Portal sidebar, open **Programs** and select the program you want to create the offer under.
Select **Create** in the top-right area of the program page, then choose **Offer** from the dropdown.
Select the seller or leave empty if you want to issue shares from the program company.
Choose the stakeholder who will receive the offer from the **Stakeholder** dropdown. This is the investor who will subscribe to the securities. If they don't yet exist you can add a new stakeholder.
Choose which securities from the program the investor is being offered. Each offer must include at least one security with a defined quantity and price per unit.
Select how the securities are being issued:
| Issue type | Description |
| ----------------- | --------------------------------------------------------------- |
| **Cash issue** | Securities issued in exchange for a cash payment |
| **Issue in kind** | Securities issued in exchange for non-cash consideration |
| **Set off issue** | Securities issued through debt conversion or offset arrangement |
Choose how the investor will specify their subscription amount. The options available depend on how many securities are included in the offer:
| Subscription choice | Description |
| ------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Amount** | The investor subscribes by entering a currency amount; Centi calculates the resulting number of units. Available when the offer includes one or two securities. |
| **Amount (strict ratio)** | The investor enters a total amount that must maintain the ratio between the two securities. Available when the offer includes exactly two securities. |
| **Yes/No** | The investor can only accept or decline the full offer as presented — no partial amounts. |
| **Tiers** | The investor can choose from predefined percentage levels of the offered amount. |
Enter the **Price per unit** for each security included in the offer. Set a **Subscription deadline** — the date by which the investor must respond before the offer expires.
Review all details, then click **Create offer**. The offer is saved as a **Draft** for you to review before sending.
## Create offers in bulk from a spreadsheet
When you need to invite many investors at once, use the bulk offer import to create multiple draft offers from a single XLSX file.
From the program page, select **Create → Bulk offers**. The three-step bulk creation wizard opens.
On the **Upload XLSX** step, click **Download template** to get the pre-formatted spreadsheet for this program. Fill in one row per investor, with the investor's name, email address, and the number of units (and price per unit) for each security in the program. When your file is ready, drag it onto the upload area or click **Choose template file** to select it.
On the **Review** step, Centi parses the file and displays all rows. For each investor row, Centi attempts to match the email address to an existing stakeholder in your organisation. Each row shows one of three match statuses:
* **Existing** — the email matched an existing stakeholder record.
* **New** — no existing stakeholder was found; one will be created.
* **Review** — a stakeholder with that email exists but the name in the file does not match. Click the row to open the edit panel and confirm whether to use the existing record or update it.
Use the **Only show rows needing review** toggle to focus on rows that require attention.
On the **Offer Settings** step, apply settings that will be used for all offers created from the file.
The settings are the same as for when creating single offer
These settings apply uniformly to every offer in the batch. You can edit individual offers from the **Drafts** tab after creation.
Click **Create drafts**. Centi creates all offers with **Pending** status and redirects you to the **Drafts** tab of the program, where you can review and activate them.
Bulk-created offers are always saved as drafts. Review each offer on the Drafts tab and make any corrections before activating them.
## Invite to subscribe
Inviting to subscribe sends an email notification to the investor about their new offer and they can then log in to the Investor Portal to subscribe or decline the offer.
On the drafts page, and select the offers you want to send to investors
Click **Invite to subscribe**. Centi transitions the offer to **Subscribe** step and dispatches an email notification to the investor.
## Subscription
You can now track the progress of subscription in the program page. If the investor choses to Decline this will be visible here. If you want to mark it as declined on their behalf you can do so by clicking on the offer to open the offer detail view where you can press **Decline on behalf of investor**.
## Download draft agreements in bulk
On the **Subscribe** tab of a program, click **Download draft agreements** (next to the search field, alongside **Download report**) to bulk-generate the draft agreement documents for every offer in the program that has a subscribed status and an attached envelope with at least one template. Centi renders each offer's documents from the envelope templates with the offer's data populated, packages them into a single ZIP archive, and downloads it in your browser.
Use this to review the final signing documents before sending offers out for signing, or to share a batch of drafts internally.
If none of the offers in the program have a draft agreement available yet — for example, if no offers have been subscribed to, or none of the envelopes have templates attached — the download will fail with a message explaining that there are no downloadable draft agreements.
## DocuSign signing workflow
After you send an offer for signing, Centi sends a DocuSign envelope to the investor. The signing workflow proceeds as follows:
1. **Investor receives the envelope** — The investor receives an email from DocuSign with a link to review and sign the subscription documents.
2. **Investor signs** — The investor reviews the offer terms and applies their signature in DocuSign.
3. **Witness signing (if applicable)** — If the envelope requires a witness, the witness receives a separate signing request after the investor signs.
4. **Counter-signature** — If your organisation requires a counter-signatory, after the investor has signed you can send it out for counter signature. To reduce the number of Docusign envelopes the counter signatories need to sign we recommend waiting for all investor signatures and then send all offers for counter signing at the same time. Due to a limitation in Docusign there is a limit of around 70 offers in one counter signing envelope, this means that if you have a lot of offers you will receive multiple counter signing envelopes.
5. **Fully signed** — Once all required signatories have completed their signatures, Centi marks the offer as **Signed** and the offer becomes eligible for registration after it has been marked as **Paid**.
You can track the current signature state for each offer on the offer detail page. The page shows which party still needs to sign — for example, whether the offer is awaiting the investor's signature, a witness, or a counter-signatory — and whether any party has declined.
Immediately after sending out offers for signing, the offer may briefly show a transitional state while DocuSign prepares and dispatches the envelopes. This resolves automatically once DocuSign has sent the signing request to the investor. The time it takes to send out the envelopes is dependent on limitations in the DocuSign API.
## Register an offer
Once an offer is **Signed** and **Paid**, you can settle it to register the resulting securities transaction in the share register.
Navigate to the **Sign & Pay** tab of the program and select the offers you want to register.
Click **Register offer** and confirm the registration date. Centi records the transaction and transitions the offer to **Settled** status.
Registration updates the share register and cap table. As with all transactions, the share register reflects the change overnight. If you need an updated share register immediately, contact [operations@gocenti.com](mailto:operations@gocenti.com).