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Initial Public Offerings (IPOs) When companies raise capital for the first time by issuing new shares Seasoned equity offerings (SEOs) refer to issue of new shares by a company that is already publicly traded (already made an IPO) Company assesses proposals from investment banks and chooses one – ‘managing underwriter’ * IPO Risks Managing underwriter advises the company on security design registers the issue with the SEC (30-90 days) orchestrates a “road show” assembles an underwriting syndicate who engage in book building Syndicate acts as wholesaler. Offer price set hours before stock g