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Wakayama Travel on Investment bankers assist firms by helping to determine the stock’s initial offering price and selling the stock to its existing clients—generally a mix of institutional investors and high net-worth individuals. After the stock is sold, the I-Bank, through its brokerage house, will have an analyst cover the stock to maintain investor interest in it. This analyst will regularly distribute reports to investors describing the stock’s future growth prospects. When taking firms public, the firm and its investment bankers must decide whether the bankers will work on a best-efforts basis or will underwrite the issue. In a best-efforts sale, the banker does not guarantee that the securities will be sold or that the company will get the cash it needs, only that it will put forth its best efforts to sell the issue. On an underwritten issue, the company does get a guarantee, because the banker agrees to buy the entire issue and then resell the stock to its customers. Except for extremely small issues, virtually all IPOs are underwritten. Wakayama Travel 2016.