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Lets discuss the intermediary in an initial public offering (IPO) using trading terminology. In a best-efforts IPO (rather than firm commitment IPO), does the investment

Lets discuss the intermediary in an initial public offering (IPO) using trading terminology. In a best-efforts IPO (rather than firm commitment IPO), does the investment bank act as an agent/broker or a principal/dealer?

(a) agent/broker

(b) principal/deale

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