What do you understand by ‘Book Building Process’ of issuing shares? Discuss the procedure adopted for this purpose and the advantage to the Issuing Company and the Investors. 

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Book Building Process is a method of issuing shares to the public in which the price of the shares is determined through a bidding process conducted by the company or its underwriters. The process involves the issuing company or its underwriters soliciting bids from institutional investors, high net worth individuals and retail investors, and then determining the price at which the shares will be issued based on the demand and the bids received.

The procedure for book building process involves the following steps:

Appointment of Book Running Lead Manager (BRLM): The issuing company appoints a lead manager, who acts as a ________ _______ ______ ____ _____________ _____________ _____________ __ __ ________ __________ ____ ___ __ _________.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Post Graduate Diploma in Financial Markets Practice
Course Code : PGDFMP
Subject Name : Equity Markets
Subject Code : MFP 1
Year : 2023