Book building is the process by which underwriters or issuers attempt to determine the price at which an initial public offering (IPO) will be made. The price discovery process involves generating and recording investor demand for shares before arriving at an issue price. The AIX routinely offers a variety of book building services to underwriters and issuers. Book building duration may vary based on their preferences, and different books may be run in parallel (a classic price discovery book and an “at strike” book where the investor submits the monetary amount he/she is willing to spend at the strike price chosen by the underwriter or issuer). The book building service may also include allocating securities to investor accounts at the AIX CSD.