The window of opportunity to launch and complete an initial public offering or rights issue before year end is narrowing, forcing bankers to switch their focus to block trades as they vie for deal credit in what will be a crucial final two months of the year.

Given the four weeks it takes to complete an IPO after launching, the window to execute before Christmas is about to close. However, demand from investors and issuers for accelerated book builds is robust, and banks are aggressively bidding for work to secure vital deal credit before year end.