ASX BookBuild ready to launch

ASX says tool will broaden investor input in setting price of new shares.

The Australian Securities Exchange (ASX) has launched a new bookbuilding facility which it says will broaden the number and range of investors who can participate in this process to set the price of new shares.

In a bookbuild, the bookrunner, usually an investment bank, determines the price of shares to be offered based on the number of shares demanded by institutional investors and the price they are willing to pay for those shares.

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