Is there way to see bounding box for every selected object individually?
Example: Right now i can only see individual bounding box for text only, but i want to be able select multiple objects and see their bounding box.
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The second best option would be to use the crop marks effect.
Select all your objects and go to Effect → Crop Marks.
This will add crop marks around each item and since it's an effect, you can easily hide/remove them all at once using the Appearance Panel (Shift+F6).
It isn't the best solution, but it's a quick and simple workaround.
No. The bounding box encompasses all selected objects. The Bounding Box is not meant to be a tool for positioning and measurement. Use guides and align your circles that way if necessary.
What you are most likely seeing around the text is the area type box not the bounding box. While similar, they aren't quite the same thing.
If you want a quick and easy rectangle to see where the corners would fall for circle objects, you can...
Effect > Convert to Shape> Rectangle
Extra Heightto match the stroke weight of the object.
That'll give you a solid rectangle and you can see the square the circle occupies. You can then merely remove the extra fill when you are done.