Creating the ASX Bookbuild Facility: Principles, Hurdles, Successes and Implications for Policy

The ASX BookBuild Facility was launched in October 2013. It allows companies seeking to raise capital to reach every eligible investor, using existing ASX securities market infrastructure. This is a world first both in terms of the technology deployed and the adoption by a market operator.
The development of the facility marks the first time that companies can raise capital on-market. Previously, all capital raisings occurred off-market, in a private process conducted by brokers and investment banks. This was irrespective of whether a company was already listed or was seeking to list via an initial public offer.

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This paper was presented in July 2014 at the 19th Melbourne Money and Finance Conference (MMFC), which explored the theme Current Issues in Australian Financial Markets.

For more papers presented in the conference, please click here