Underwriting IPO

  1. What is the percentage split nowadays between best effort vs firm commitment IPOs and why?
  2. How is it determined which underwriter gets to sell to which institutional investor if the same investors has relations with multiple banks?
  3. Is it the client or the bookrunner that decides the underwriting split between the syndicate?
  4. To clarify, in best effort, the underwriting bank effectively makes money on the gross spread as well as the market spread if it buys a portion of the shares. If it is firm commitment, then the underwriting bank makes money solely on the market spread.

Thanks!

 

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