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Since the new offering price is reasonable or not listed , will determine the success or failure of the company listed underwriting , underwriting stock underwriters in the United States attaches great importance to this when the price estimates. Underwriters usually take several weeks to set up a proper evaluation model of the issuing company , they consider factors including the company 's financial and operating conditions of the past , the future growth potential , market trends and the overall economic and financial environment, the movements and so on. Based on the above factors , the underwriters will estimate a reference price, the SFC and the Stock Exchange for the record to the United States , and this price is usually not a fixed price , but a price range. Unlike China , the United States is not the SFC and the Stock Exchange on the evaluation model to develop mandatory norms or formulas .

承销价格经初步估算，并经编制该发行公司公开招股说明书初稿后，主承销商先通过其分支机构与承销团，了解市场对该公司的评价与认购意愿。承销商会筹划进行全国或全球性的巡回路演，邀请机构投资人及一般投资者参与其路演或进行一对一的讨论，并将每一位投资者的需求数量记录下来。

After initial offering price estimates, and by the preparation of the company's public issue prospectus draft, first through its branches with the lead underwriter syndicate , understand the market 's evaluation of the company and the Subscribers will. Underwriters planning a national or global roadshow to invite institutional investors and retail investors to participate in its roadshow or one on one discussion , and every record number of investor demand . Through repeated discussions , communications, live underwriters can clearly know the market demand situation with the IPO underwriting company may accept the price . Finally, the company 's recent share price for similar levels of overall economic and financial situation , as well as the expectations of stock market to be a comprehensive analysis , and with the proposed public offering of the Company's agreement to determine the final issue price. Finally, the public sale of shares allocated to participate in the issue price Click registrants , and then complete the public offering process.

In general . Formulation of Japanese securities issue price is based on market price and demand survey results calculated net of the discount rate , the demand survey results can provide information about market conditions in order to successfully complete the underwriting business . Before 1995 , the Japanese company's stock public offering price equal to the issue price, also equal to the issuing company is expected to raise the amount , but need after deducting the underwriting fee is the company's actual capital raised. And after 1995 , the issue price equal to the public offering price , after deducting the underwriting fee amount is also equal to the issuing company is expected to raise the amount , which is the actual amount of funding the issuing company , this method has been called the " direct method ." Press the " direct method " underwriting fee can be deducted public offering price , which makes the issuing company does not need to as underwriting fees to offset operating expenses , which can increase the issue of the company's net assets. In a " direct method " public offering of securities , the Japan Securities Dealers A