纳斯达克IPO（首次公开募股）的发行定价是一个市场化、动态博弈的过程，核心目标是平衡公司融资需求、投资者风险回报预 期及市场流动性，最终确定能被市场接受的发行价格。以下是其具体流程及核心要点的详细拆解： 一、纳斯达克IPO发行定价的基本流程 纳斯达克IPO定价流程通常分为前期准备、估值与区间设定、路演与簿记建档、定价决策、股票分配与上市五大阶段，各阶段环 环相扣，最终形成发行价格。 1. 前期准备：选投行与尽职调查 2. 估值与初始价格区间设定 选择承销团：公司会聘请1-3家主承销商（Lead Underwriter）及若干副承销商（Co-Underwriter），组成承销团。主承销商 通常具备丰富的IPO经验、强大的投资者网络及定价能力，其选择标准包括过往业绩、行业 expertise、销售能力等。 尽职调查：承销团会对公司进行全面的尽职调查，涵盖财务（审计历史数据、盈利质量）、业务（商业模式、竞争优势、 增长前景）、法律（合规性、知识产权、诉讼风险）等方面。尽职调查是定价的基础，确保公司信息真实、透明，避免后 续风险。 估值分析：承销团会采用多种估值方法对公司进行评估，形成初始价格区间（Price Ran ...

Core Points - The role of underwriters in NYSE IPOs is crucial for ensuring compliance with listing standards, accurate information disclosure, and smooth execution of the issuance process [2][3] Group 1: Responsibilities of NYSE IPO Underwriters - Underwriters assist issuers in meeting NYSE listing requirements and completing high-quality IPOs while maintaining market confidence [2] - Initial screening and feasibility assessment involve evaluating the issuer's qualifications against NYSE standards, including market capitalization, revenue, net profit, equity, and public float [2] - Comprehensive due diligence includes financial, legal, operational, and governance assessments to ensure the issuer's compliance and the accuracy of disclosures [2][3] - The preparation and submission of the S-1 registration statement to the SEC is a key responsibility, ensuring that all necessary information is clearly presented [2][3] - Pricing and roadshow coordination involve determining the offering price range and organizing presentations to institutional investors [2][3] Group 2: Key Focus Areas for NYSE IPO Underwriters - The depth of due diligence is emphasized, requiring underwriters to conduct thorough investigations beyond surface-level representations from issuers [3] - Information disclosure must be sufficient and comprehensible, avoiding generic statements and ensuring that risk factors are quantified [4] - Market rationality in valuation and pricing is critical, as overpricing can lead to post-IPO declines, while underpricing can affect fundraising [4] - The roadshow serves an educational purpose for investors, helping to convey the company's value proposition clearly [4] - Post-IPO reputation risk is significant, as underwriters face scrutiny if issuers are later found to have engaged in fraudulent activities [4][5]

在港交所（HKEX）的首次公开募股（IPO）过程中，投资者接触沟通计划（Investor Outreach and Communication Plan）是发 行人与承销团队（通常由保荐人、账簿管理人、牵头经办人等组成）核心工作之一。其目的是通过系统化的沟通，向潜在投资 者传递公司的投资价值、业务模式及发展前景，同时收集市场反馈以优化定价，并最终推动IPO成功发行。以下从核心目标、关 键阶段、参与主体、主要内容及监管要求等方面展开说明： 一、核心目标 二、关键阶段与主要活动 港交所IPO的投资者沟通通常贯穿预路演（Pre-Marketing）、路演（Roadshow）、簿记建档（Bookbuilding）三大阶段，各阶 段重点不同： 1. 预路演（Pre-Marketing，IPO启动前1-2个月） 2. 路演（Roadshow，IPO定价前1-2周） 总结 港交所IPO的投资者接触沟通计划是市场化定价机制的关键环节，通过多阶段、多形式的沟通，实现公司价值与市场预期的匹 配。发行人需在合规框架下，结合自身特点设计沟通策略，而承销团则扮演"桥梁"角色，平衡信息传递效率与市场反馈收集， 最终推动IPO成功发行并实 ...