[13] Usually, the management/main underwriter, also known as the account manager, is usually the underwriter who sells the largest proportion of IPO, accounting for the highest part of the total price difference, up to 8% in some cases%. There may be many syndicates for the first public offering across countries to deal with the different legal requirements of the issuer’s domestic market and other regions.

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For example, in addition to individual group companies or sales to the United States/Canada  latest database  and Asia, issuers located in the European Union may also be represented by major European sales groups in their domestic markets. Usually, the main underwriter of the main sales group is also the main underwriter of other sales groups. Due to the extensive and expensive legal requirements, the first public offering usually involves one or more law firms with major business in the field of securities law, such as Magic Circle Law Office in London and White Shoes Law Office in New York City.

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Financial historian Richard Silas showed that before 1860, most early American companies sold their stocks directly to the public without the help of intermediaries such as investment banks. [14] As they said, the direct public offering [15] was not conducted by  Bulk Lead  auction, but in accordance with the stock price set by the issuing company. In this sense, it is the same as the traditional IPO fixed price public offering in most non-US countries in the early 1990s.