What is a Book Running?

  • Prior to engaging in a project to raise capital or to find an acquirer for a company, our clients typically ask us to give them an indication of the likely investor appetite for their project, or – put another way – “How many investors or buyers are likely to look at the deal we propose?” Their concern is understandable as no one wants to dedicate time and resources to a process that generates little results.
  • A “Book Running” exercise consists of identifying the most likely investors by filtering our investor database
  • Depending on the nature of the transaction, we search within sub-networks investment funds, corporates, Family Offices, banks and private investors.
  • A Book Running exercise yields results such as the ones in the charts below:
  • The sums in these two charts naturally differ because one Private Equity fund may be willing to invest in more than one type of transaction (e.g. majority and minority equity), thereby increasing the probability of a successful transaction if the financial instrument is correctly calibrated.
  • In order to give an indication of the quality of the data contained in our database, we will also provide a full example of an investor profile
  • This will provide visibility as to how well we know the investor universe, as well as build confidence in our ability to tap into it.
  • Click “Here” in order to validate our Terms & Conditions and to receive your free “Book Running” results.