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This is the process by which the price of new shares to be listed on the stock exchange is determined. Since there is no stock exchange trading in these securities before new shares are issued, this price cannot be determined by supply and demand on the stock exchange. In the Anglo-Saxon auction process, the banks that take the company public specify a price range. Investors can place their bids within this. Based on the existing order situation, the actual issue price is ultimately formed from the bid average. In the past, the fixed price procedure, which is rarely used today, was used, in which the advising banks and the AG agreed on a price before the offer for sale, which investors then had to accept.