From what I understand, stock or bond underwritings are usually led by a syndicate of banks. Do these banks not have any institutional investors connections in common for the roadshow? If there is overlap, who gets to sell to the shared institutional?
Also, during the roadshow, if a bank determines the weighted average price for the security, does it then just ask the client to issue it at the weighted average price * 90% to allow it to reap a profit?
Thanks!
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