Distinguish between Fixed Price Process and Book Building Process.

Distinction between Fixed Price Process and Book Building Process Features Fixed Price Process Book Building process Pricing Price at which the securities are offered/allotted is known in advance to the investor. Price at which securities will be offered/ allotted is not known in advance to the investor. Only an indicative price range is known. Demand Demand for the securities offered is known only after the closure of the issue. Demand for the securities offered can be known everyday as the book is built. Payment Payment if made at the time of subscription wherein refund is given after allocation. Payment only after allocation