A decision made by a company that affects its securities

To provide financial advisory and underwriting services for companies

To manage consumer credit


To provide personal loans

Retail investors

Investment banks

Asset managers

Stockbrokers

The guarantee by investment banks to purchase unsold shares

The process of selling shares to the public

The marketing strategy for the IPO

The regulatory approval process

A presentation to potential investors to generate interest

A marketing campaign after the IPO

A regulatory review process

The period when shares are traded in the secondary market

It allows for price discovery

It allows investors to sell securities they already own

It involves the issuance of new securities

It provides liquidity to investors

Investment banks

 Institutional and retail investors

Secondary market investors

 Government agencies