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Initial Public Offerings: Guidance Needed on Disclosure of Underwriters' Disciplinary Histories

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Report Type Reports and Testimonies
Report Date June 6, 1996
Report No. GGD-96-5
Subject
Summary:

Initial public offerings (IPO)--the sale of a company's stock to the public for the first time--are a major source of funding for new companies seeking to raise capital. According to the Securities and Exchange Commission (SEC), companies raising money through IPOs registered securities worth nearly $26 billion in 1994. Companies typically use underwriters to help them register the IPOs with SEC and raise equity capital from the investment community. The press has reported instances in which underwriters gave some investors preferential access to the IPO market and companies did not disclose material information to investors, such as the criminal and disciplinary histories of their underwriters. This report discusses (1) the factors that influence underwriters to sell IPO shares to institutional investors or to individuals and (2) disclosure requirements concerning the history of disciplinary actions taken against underwriters. GAO also discusses SEC rules governing the IPO market.

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