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To: BRANDYBGOOD who wrote (87110)	3/28/2001 5:07:40 PM
From: UnBelievable	Respond to of 436258

Actually, When The Underwriter Prices The IPO He Is Stating That In His Professional Opinion On The Day Of The Offering The Stock Is Worth The Price That It Was Priced At. Since the Underwriter gives an implicit put at the offer price they would be sure that the price was set low enough. They didn't really care about the offering price being high. Only the amount of cash which the company whose underwriting is was would receive depends on that. The shares they had received in addition to their fees are sold in the open market, usually a few months after the IPO, at the market price.