"Book building" 是证券发行中的一个过程,通过这个过程,投资银行或承销商收集机构或零售投资者对新发行证券的兴趣和投标价格。基于收到的投标,确定最终的证券发行价格。这个过程有助于更准确地反映市场对证券的需求和估值。
中文中,"Book building" 通常被翻译为“簿记建档”或“询价发行”。
具体使用场景可参考如下示例
During the book building process, the underwriters actively solicit interest and bids from institutional and large investors to gauge the demand and price for the new securities.
在簿记建档过程中,承销商积极地从机构和大投资者那里征求兴趣和投标,以估测新证券的需求和价格。
The advantage of book building is that it provides a more market-driven mechanism for price discovery, ensuring that the securities are neither underpriced nor overpriced at the time of issuance.
簿记建档的优势在于,它提供了一个更加市场驱动的价格发现机制,确保在发行时证券既不被低估也不被高估。
The company opted for the book building method over the fixed price method, believing that it would better capture the true market sentiment and generate a more favorable response from investors.
该公司选择了簿记建档方法而不是固定价格方法,认为这样更能捕捉到真实的市场情绪,并从投资者那里获得更为积极的反馈。