The funds reserved for a conditional buy order (CBO) in an IPO offering will be released based on the following scenarios:
1. On the day of listing, if the subscription status on the page is updated to "Cancelled," the reserved funds will be immediately released.
2. If your CBO does not receive a full allocation of shares, the unallocated portion of the funds will be released immediately.
In summary, the funds reserved for a CBO in an IPO offering will be released either when the subscription status is marked as "Cancelled" on the day of listing or if your CBO does not receive a full allocation of shares.