Why is the IPO process so baroque?

The listing process in India is unfair to the people who are building new firms

The IPO is seen as the mandatory rite of passage for every firm that has graduated into the big league. But many features of the Indian IPO market make no sense. This has implications for investors, founders, funds and business groups.

The secondary market for equities is simple and logical. Everyone is welcomed into one unified screen, and the order book generates the price. Buyers, whether for one share or 1,000,000 shares, come together into one single screen. From first principles in economics, we need a regulator to push for accuracy of disclosure and enforce against market abuse. The market process