Book building process sets pricing, underwriting and allocation rules for public equity offers based on bid discovery. Issuers may offer securities to the public by book building with the issue and any placement portion separately identified; the book runner and syndicate aggregate institutional bids, determine the issue price within a prescribed process (including price band or floor price disclosure), and underwriting of the net public offer is mandatory. Allocation among retail, non institutional and qualified institutional buyers follows specified proportionate rules; bidding, margin, application collection and record keeping obligations apply, and regulators may inspect related records.