The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

SquareBook aims to fix the IPO process

A new bookbuilding platform is at the heart of an attempt to unbundle a process that some feel is no longer able to serve growth companies in need of capital.

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. Data from Dealogic shows that overall IPO deal numbers and volumes in Europe and the US have roughly halved since the heady days of 2000, and are still well down from 2007 levels too.

At least part of the reason for this, they add, is issuer and investor dissatisfaction with the process as it stands today.

Richard Balarkas 160x186
Richard Balarkas, SquareBook

"We think things are coming to a head in the IPO market," says Balarkas.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree