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ARTICLE · 10 OCTOBER 2006

Focus on Technology, September 2006 - Technology Initial Public Offerings - Part 2

Dentons Canada LLP
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One of the first and most important matters for an issuer to consider in preparing to make a public offering of shares is the selection of an underwriter. The underwriter plays the central role in actually selling the securities. Selecting an underwriter best suited for an issuer’s IPO begins with an evaluation of the issuer and its future plans. For example, where an issuer is part of a specialized industry, it is prudent to look for investment dealers with experience in that area.

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To read Part 1 of this article please click here

IDENTIFICATION OF UNDERWRITER AND PRICING

Choice of Underwriter

One of the first and most important matters for an issuer to consider in preparing to make a public offering of shares is the selection of an underwriter. The underwriter plays the central role in actually selling the securities. Selecting an underwriter best suited for an issuer’s IPO begins with an evaluation of the issuer and its future plans. For example, where an issuer is part of a specialized industry, it is prudent to look for investment dealers with experience in that area. The size of the deal will also influence the selection of the underwriter.

Some of the larger underwriters are not really interested in acting on deals of less than a certain dollar amount. If so, there is no point in engaging them since they will not pay the same level of attention to the deal. The underwriter must be a proper match with the issuer. As noted above, many underwriters have a

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