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Please explain Let's discuss the intermediary in an initial public offering (IPO) using trading terminology. In a best-efforts IPO (rather than firm commitment IPO), does

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Let's 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/dealer

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