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If investors won't buy your stock, you'll never find an IPOunderwriter. Without an underwriter, your Public Company can't raisemoney. The underwriter's clients buy your stock with the expectation thatit will appreciate. If investors don't buy your stock, the underwriter'sclients will lose their money. The underwriter will lose their clients.Underwriters refer to losing their clients as "Turning their Book." If theycan't replace their lost clients, the underwriters are out of the brokeragebusiness. It's for this reason that underwriters expect you to support theshare price of your public company.



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