The largest IPO in Australia this year priced yesterday April 6 after a two-day bookbuild process that saw the arrangers ask institutions to re-bid for the stock at a higher price.
ôEarly on we were oversubscribed at the A$2.27 price so we decided the only way to legitimately allocate the shares was to go above the bookbuild range and ask investors to re-bid,ö explains Robin Bishop, executive director at Macquarie Bank and part of the ECM team.
ôIn...
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