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To: fluffnutter who wrote (6)5/26/1998 10:37:00 PM
From: caly  Respond to of 81
 
Fred,

Welcome! I'm no expert on IPOs either. I'm just now participating in my first one (CLEV). I'm sure someone else on the thread can explain better, but my understanding is that the underwriters each get an allotment of the shares and can dole them out as they like to their individual brokers, who in turn can offer them to their clients as they wish.

If their was an over allotment, I can only assume the original underwriters couldn't find takers on all the shares. That doesn't sound good to me. Maybe someone else can comment on that.

c



To: fluffnutter who wrote (6)5/27/1998 12:40:00 AM
From: caly  Respond to of 81
 
Hi again!

Started reading the CLEV prospectus I got in the mail today, and I'm seeing references to the "Underwriters' over-allotment option." Obviously it's up to the underwriters as to whether or not they want the additional shares, and if they do want them, I guess they can distribute them to other brokerages if they can't get rid of them themselves.

Enough for tonight. Will look into ADGO tomorrow.



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