Par value: refers to the original issue of a bond at full price.

票面价值：债券按面价发行的价值。

youdao

If the offering price is too low, then not only it is difficult to satisfy the issue firm' s capital demand, but also it maybe injure the original shareholders' profits.

若发行价过低，则发行公司的筹资需求难以满足，甚至还会损害原有股东的利益；

youdao

For one thing, he notes that the company did not originally subsidize the phone, although he notes that the company quickly fixed that issue by cutting the price of the original iPhone shortly after release, and then offering iPhone 3G at a subsidized price a year after the first version launched.

FORBES: Apple's Big Mistake