An Investment Bank may attempt to reduce its risk in underwriting an IPO by:

Select one:

a.

Having a fully underwritten firm-commitment underwriting contract.

b.

Setting the offer price as low as possible relative to their estimated value of IPO share.

c.

Setting the offer price close to the higher end of the indicative pricing range, after completion of a book building pricing process.

d.

Using a fixed price offer rather than book building.

e.

Setting the offer price as high as possible relative to their estimated value of IPO share.