7.1. Selection of an Underwriter

Generally, an issuer will select a sole or lead underwriter early in the offering process. When the issuer is less prestigious or well known, or the public offering market is weak, the issuer may find its choices limited. By contrast, when the issuer is prestigious or the offering is in high demand, there may be stiff competition for the lead underwriting gig. A bake-off, also called a beauty contest or a pitch meeting, is when an investment bank pitches its services to a company, in the hope of being chosen over other investment banks. FINRA rules generally prohibit research analysts from attending bake-offs. If the company is an emerging growth company, a research analyst may attend a bake-off, but may not participate in soliciting investment banking business.

FINRA Rule 2241(b)(2)(L)

One common marketing document is known as a pitchbook. A general pitchboo