IPO Team – What do the co-managers do? – (12)

are permitted in many circumstances to engage in certain stabilizing transactions to support the stock. See
“What activities may underwriters engage in after the IPO?”.
What do the co-managers do?
Co-managers are underwriters who agree to purchase a substantial portion of a company’s shares and who are involved in drafting the prospectus and marketing the offering. Companies typically choose co-managers that have distribution capabilities or analyst coverage that is complimentary to those of the managing underwriter.
What do the auditors/accountants do?
Accountants prepare and audit the financial statements of a company or other entities or properties that must be included in an IPO registration statement. Other services provided by the accountants during the offering process include assisting a company in preparing the other financial portions of the prospectus, such as the summary financial information, selected financial information, capitalization and dilution tables, and any required pro forma financial statements, and working with the company to identify any problems associated with providing the required financial statements in order to seek necessary accommodation from the SEC. The accountants will also provide a
“comfort letter” to the underwriters. See “What financial information is included in the registration statement?” and “What is a comfort letter?”.
What does legal counsel do?
A company’s in-house and outside legal counsel play important roles in completing the IPO. A company’s

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