The two phases together bring the entire IPO process to get the key objectives: 1)the IPO price maximisation, 2)the high quality shareholder base, 3) stable and rising aftermarket and finally 4) liquid Trading and quality research coverage. The price discovery process can be summarised in four phases: 1) IBD valuation and ECM judgment, determining the intrinsic value, establishing comparables and agreeing financial target for analysts. 2) research analysis: Compco focused valuation and in independent forecasts. 3)Investor education: active dialogue at interaction and feedback from investors. 4) roadshow- bookbuilding. This entire price discovery process brings to the final offering price. The book building process (which is the most common) start by the publication of the analyst research, then there is the pre marketing price range, the solicitation of indications of demand, the feedback to and from investors and finally the pricing. The issuer sells the entire issue to underwriting syndicate (i.E.: pool of banks headed by a lead underwriter). Then the syndicate resells the issue to the public, the under writers makes money on this spread between the price paid to the issuer and the price received from investors when the stock is sold. The syndicate bears the risk of not being able to sell the entire issue for more than the cost. Underwriters reduce their risks by testing the demand through the advance gathering of indications of the potential investors’ interest during their premarketing phase also called roadshow. The final price and allocation of IPO shares will depend on the responses received during their premarketing phase.