 The investment bank also brings research, trading and liquidity to the company's stock after the transaction closes.Investment banks find the APO process appealing because they can receive the same fees and breakage for raising the capital as they do in an IPO in a much condensed period of time and to a significantly smaller number of investors.PIPE investors are attracted to the APO because they get to buy stock at a negotiated discount to the projected public market value of a company.