High-Profit IPO Strategies – Finding Breakout IPOs for Investors and Traders : [PDF Download]

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“A letter of intent is an understanding between the company and the underwriter. It sets forth the tentative terms of the relationship, like the percentage of ownership, minimum/maximum amount of money to be raised, counsel for the underwriter, counsel for the company, compensation for the underwriter, and so on.

The letter of intent also establishes a range for the offering price of the issue. For example, the price range maybe $14 to $18, but over time this price may be adjusted. Since it is likely to take several months to get approval for the offering, it is virtually impossible to determine an exact price for the stock.

Much can happen in today’s volatile equity markets. A letter of intent is little more than an agreement to agree. It is not a binding contract. A final agreement is not usually signed until the day before or the morning of the offering.

The company’s responsibility to pay all of the fees for professional services, however, is binding after the letter of intent is signed. Though cancellations are rare, the collapse of an IPO can leave the company with debilitating expenses.”

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