Suppose that you are an IPO underwriter of a firm planning to go public and issuing $200 million
in total. Based on your estimation about the firm’s business, you expect that its fair market price
should be around $30 per share. After evaluating the demand of potential investors during the road
show, you decide to set up the offer price either at $20 per share or at $25 per share. Within these
two potential offer prices, which one do you prefer as an underwriter, and why?

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