ROGER BUCKLAND IS PROFESSOR OF accountancy at the University of Aberdeen, Scotland. Small firms achieve independent growth by changing their status to public quoted companies with enhanced capacity of attract equity from outside investors. This paper argues that: first, mechanisms of initial public offering (IPO) pricing in London are inappropriate and damaging to potential entrants: second, that there is extensive evicence pointing towards innovative initial public offering procedures; and third, that a system of pricing directed explicitly towards the level of discount would make the initial public offering market in the United Kingdom more effective and efficient.
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