That's fine, it's your opinion.
I'm sure you're aware there are 2 main types of IPO's.
1. Bought deal - underwriter takes a commission (buys issue at discount and sells at premium). Fully underwritten.
2. Best effort deal - underwriter does their best to sell but takes a flat fixed fee.
I don't know about you but I didn't see any mention at all of a fixed flat fee in that agreement. To me that implies it isn't the later.
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