ASX bookbuild plan raises hackles

A new, more transparent system for running bookbuilds is set to launch in coming weeks.

ASX BookBuild, a new software system that promises investors transparent pricing on initial public offerings, secondary share sales and block trades, is worrying bankers concerned their fees and leverage over such transactions may diminish.

Equity book builds, usually done in private by the investment bank soliciting demand from investors before setting a price, will be able to be done in public, on market, by brokers from October 8.

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