The process for initial public offerings is one of the most opaque areas of the market, and ripe for reform. We’ve already watched one run at this, following the IPO excesses in the tech bubble a decade ago that resulted in fines and new rules – but it’s still not fixed.

There is a clear public interest in getting pricing right and better disclosure of IPO fees, allocation basis and conflicts is overdue. To head off any new regulatory intervention, the City should raise IPO standards now.