Hey everyone, I've been reading a textbook about investments. It's the 10th Edition of Investments by Bodie, Kane, and Marcus. I'm in high school and I started reading and taking notes on it during my free time from quarantine to try and learn more about finance. One of the chapters discussed IPOs and mentioned something called a road show. I'll add a quote here:

"Once the SEC has commented on the registration statement and a preliminary prospectus has been distributed to interested investors, the investment bankers organize road shows in which they travel around the country to publicize the imminent offering. These road shows serve two purposes. First, they generate interest among potential investors and provide information about the offering. Second, they provide information to the issuing firm and its underwriters about the price at which they will be able to market the securities".

So this is interesting to me because I've been on this forum for a few months and I've never seen this mentioned before. Does this mean that investment bankers travel for work (seems like they don't do much of that based on the forum) or is this simply because it's a slightly older textbook and is referring to an outdated practice? Or perhaps it's shifted so that bankers don't actually have to physically travel in order to serve those purposes. I'm just curious so don't flame me lol. Could someone in the industry shed light on whether this happens nowadays? Thanks!

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Hey! So roadshow is indeed still the practice until this day (well, during covid we’ve been doing virtual roadshows, but that’s another story).

You pull together a roadshow deck (a company overview deck), and then you travel with Management to meet investors in the investor offices.

Usually the roadshow is about a week long, depending how many meetings you go to (I’ve usually seen about 8 per day). You usually start in NY, then you do Boston, Baltimore, then you fly into Chicago (not always), Denver, San Francisco and potentially San Diego. The best outcome is when you have to travel to two cities on the same day as there’s private jet travel involved.

It’s usually the lead left bankers traveling (one or two per meeting), but sometimes the lead left alternates attending meetings with second chair.

It’s very hectic, but honestly my favorite part of the job as you really get to know the management team!

Wow, thanks for all the info! That sounds like a lot of fun! At what level, do people usually do this stuff (eg. Associate, VP, MD)? Is it mostly MDs, sometimes VPs like a previous poster mentioned? Also, if you don't mind sharing, at what role did you start doing these?

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