IPO Team – What role do research analysts play? – (13)

has principal responsibility for preparing the registration statement, prospectus, stock exchange application and any confidential treatment requests;
communicates with the SEC and the stock exchanges on a company’s behalf, responding to any comments they may have;
negotiates an underwriting agreement with the underwriters and their counsel; and
prepares various other documents, including stock option plans, a company’s post-IPOcertificate of incorporation and bylaws, committee charters, board minutes relating to the IPO and any required consents, waivers and legal opinions.
Underwriters’ counsel undertakes legal due diligence during the offering process and reviews the registration statement and prospectus with the company, its counsel and the underwriters. Underwriters’ counsel also:
negotiates the underwriting agreement with a company and its counsel;
negotiates the “comfort letter” with a company’s accountants; and
submits the underwriting agreement, registration statement and other offering documents for review to the Financial Industry
Regulatory Authority (“FINRA”).
Company’s counsel and underwriters’ counsel will also coordinate the closing of the transaction.
What role do research analysts play?
Generally, research analysts will cover the company once it becomes public, increasing the company’s

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