Retained underwriters The first public offering usually involves one or more investment banks called “ underwriters”. The company that issued the stock is called “ issuer ” and has signed a contract with the main underwriter to sell its stock to the public. Then, the underwriter makes an offer to sell these stocks to investors. Large IPOs are usually underwritten by the investment bank’s “ consortium ”, of which the largest investment bank acts as “ the main underwriter ”.
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After selling the stock, the underwriter retains part of the revenue new database as a fee. This fee is called the underwriting price difference. The discount is calculated as the discount of the price of the sold stock （ called the total spread ））. The components of the underwriting price difference in the first public offering (IPO) usually include the following （ on a share basis ）: manager fees, underwriting fees （ earned by syndicate members ） and The concession （ is earned by brokers selling stocks ） stocks.
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The management company will be entitled to all underwriting price differences. The members of the syndicate are entitled to underwriting Bulk Lead fees and concessions. Broker traders who are not members of the syndicate but sell stocks will only receive concessions, while members of the syndicate who provide stocks to the broker dealer will retain the underwriting fee.