IPO Pricing with Bookbuilding and a When-Issued Market

Research, Preprint OPEN
Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret;
(2004)
  • Publisher: Milano: Fondazione Eni Enrico Mattei (FEEM)
  • Subject: When-issued trading | Initial public offerings | Deutschland | Initial public offerings, Bookbuilding, When-issued trading | G32 | Bookbuilding | Börsengang | Emissionskurs
    • jel: jel:G32
      ddc: ddc:330

This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for I... View more
  • References (35)
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