Hi Guys

Just wondering if anyone could provide me with any information in regard to the difference between a IPOs & a placement.

Also I would be interested to know how the shares for each are actually settled.

I would assusme that with an IPO if a broker received a allocation from the underwriter they offer them to their own clients.

Then the share registry nominated for the IPO would transfer the securities to the brokers HIN (ie;entrepot) within CHESS and the broker would then allocate the shares to each of clients HIN's within CHESS.

Is it case that with a "placement" that they are settled within CHESS under a special code assigned by the ASX. Then at some stage the placment code is retired and then the shares become par of the existing code on the ASX.

Any assistance would be appreciated