The agency problems related to the products of investment bank intermediaries were eliminated. Distribution and pricing The sale of stocks in the first public offering （ distribution and pricing ） can take many forms. Common methods include: doing your best to contract, firmly committing to the contract, all or no contract, buying a transaction, publicly released products are sold to both institutional investors and retail customers of underwriters.
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When a licensed securities salesperson （ a registered representative of the United States and Canada ） sells publicly special data released stocks to its customers, it will receive a partial sales discount （ the fee paid by the issuer to the underwriter ） instead of Pay by its customers. In some cases, when the first public shareholding is not “ a popular ” issue （ insufficient subscription ） and the salesperson is a customer’s consultant, the financial incentives of the consultant and the customer may be inconsistent. The issuer usually allows the underwriter to choose to increase the distribution size by up to 15% under certain circumstances, called green shoes or over-sale options.
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This option will always be exercised when the issuance is regarded as “ a popular ” due to oversubscription. In the United States, customers will receive a preliminary offer for shares during the initial silent period, called “ Red Herring Recruitment Bulk Lead Instructions ” . The Red Herring Recruitment Statement is named after a striking red warning statement printed on its cover. The warning pointed out that the product information is incomplete and may change.