Bookbuild (also known as an institutional placement or syndicated placement ) is an investment banking process used to sell new
securities to institutional investors. In a bookbuild, the issuer of the securities (typically a company or government) invites institutional investors to submit bids for the securities. The
issuer then selects the bids that it accepts and determines the final price of the securities.
Bookbuilds are often used to raise large amounts of capital quickly. They can also be used to test the market for investor
interest in a new security.