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A best-efforts initial public offering (IPO) is one in which: the investment banker acts as a principal for the issuer the bid-ask spread is exceptionally

A best-efforts initial public offering (IPO) is one in which:

the investment banker acts as a principal for the issuer

the bid-ask spread is exceptionally high, but the investment banker does his best to sell the issue anyway

the investment banker acts only as a distribution agent

the issue can only be privately placed

the underwriter bears the risk of an unsuccessful offering

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