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What are the main costs associated with an initial public offering (IPO)? (7 marks) What are the functions of the underwriters in an IPO? (5

What are the main costs associated with an initial public offering (IPO)? (7 marks)
What are the functions of the underwriters in an IPO? (5 marks)
A firm commitment underwriting is generally safer for the issuing firm compared to the best effort basis. Critically explain whether the issuing firms would be better off under firm commitment basis. (8 marks)

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