A more thorough explanation:

Definition: Mini-maxi is an underwriting arrangement for a securities transaction. In this arrangement, a broker is required to sell the minimum number of securities on an all-or-none basis and the balance on a best-efforts basis.

Example: Let's say a company wants to issue 100,000 shares of stock. The underwriter agrees to sell at least 50,000 shares on an all-or-none basis, meaning they will only sell the shares if they can sell all 50,000. The remaining 50,000 shares will be sold on a best-efforts basis, meaning the underwriter will try their best to sell them, but they are not required to sell them all.

This example illustrates the mini-maxi underwriting arrangement, where the underwriter is required to sell a minimum number of shares on an all-or-none basis and the rest on a best-efforts basis.