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IPO is underwritten by
Ancestry.com became a publicly traded company on NASDAQ (symbol: ACOM)
on November 5, 2009, with an initial public offering of 7.4 million shares priced at $13.50 per share, underwritten by Morgan Stanley, Bank of America, Merrill Lynch, Jefferies & Company, Piper Jaffray, and BMO Capital Markets.[26] https://en.wikipedia.org/wiki/Ancestry.com What does underwritten mean here? I see it all the time wrt IPOs. Underwriters are used for insurance because someone has to agree to pay if there is a large claim or a slew of smaller claims. But IPO's take in money. What are those 4 companies underwriting, what are they doing? Why can't some bookkeeping company with no assets just sell the stock and take in the money for ancestry.com? |