I wouldn't characterize the activities between banks underwriting an IPO as an auction, probably closer to a negotiation [0]. This [1] is a well-written prose

I wouldn't characterize the activities between banks underwriting an IPO as an auction, probably closer to a negotiation [0]. This [1] is a well-written prose from Matt Levine on the role of underwriters in working with Snap prior to their IPO. [0] https://www.bloomberg.com/view/articles/2016-01-15/uber-is-raising-more-money-from-rich-people https://www.bloomberg.com/view/articles/2016-01-15/uber-is-r... [1] https://www.bloomberg.com/view/articles/2017-03-27/banks-that-sold-snap-ipo-say-it-s-a-buy https://www.bloomberg.com/view/articles/2017-03-27/banks-tha...