bokobuild, page-5

by the way, the source for my post is in the news section of hsbc, which i think is more credible than some of the other soruces on this board.

bookbuild is where companies enter the amount of shares and the price they want to buy into a 'book' (well its done by computer now i believe). so its sorta like an auction, the highest bids will generally get the stock, although the underwriter may have discretion to not sell stock to someone (ie theyd be more willing to sell to someone they know will hold it for the long term)