During a typical book-build there are three stages:
- An indicative bid - investor confirms their eligibility and submits a bid to the broker.
- Confirmation - broker confirms that the bid has been received; bid is now firm.
- Allocation & settlement - broker determines the allocation amount and presents the investor with a placement letter and settlement details.
Fresh works in the same way. Our platform is designed to reduce friction at each stage and make sure that all bidders can participate easily. Throughout this process you can monitor the status of your bid in the Profile section.
Step 1 : Indicative Bid
Fresh verifies your eligibility to participate in the deal and prepares your bid so it can be accepted immediately. The following details are collected as part of this process (the personal details in this list only need to be completed once, and can be managed at anytime via the Profile section):
- KYC/AML verification
- Sophisticated/Professional investor check
- Bidding Entity
- Bid amount
Step 2: Acceptance
Fresh will provide you with the term sheet and ask you to re-confirm the bid amount, this is now a firm bid.
Step 3: Confirmation
After these details have been finalised we will submit your bid to the broker that we're working alongside. You will be notified as the broker accepts your bid and any updates to it.
Step 4 : Allocation & Settlement
Shortly after the deal closes the broker will notify you of your allocation, this will be part of a placement letter which will also include settlement and payment instructions.