A new electronic IPO bookbuilding process has received regulatory approval from the UK’s Financial Conduct Authority (FCA). SquareBook, founded by Richard Balarkas and Joe Sluys, aims to remove what it calls “the conflicts of interest inherent in the current bookbuilding process”.
SquareBook says that it will provide a transparent, fair and automated way to IPO, and one that will “fix the IPO process for the benefit of everyone involved”.
So what does it think is broken? The IPO market, Balarkas and Sluys argue, is in long-term decline, despite the attention garnered by a handful of very big deals in the US.
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