Corporates may raise capital in the primary market by way of an Initial Public Offering (“IPO”), rights issue, or private placement. An IPO can be made through the fixed price method, book building method or a combination of both. Book Building is essentially a process used to aid price and demand discovery. It is a mechanism where, during the period for which the book for the offer is open, the bids are collected from investors at various prices, which are within the price band specified by the issuer. The issue price is determined after the bid closure based on the demand generated in the process.