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Stabilizing is the only form of price manipulation allowed by the SEC. The managing underwriter enters a bid at or below the offering price to ensure even distribution of shares.
When a syndicate underwrites a new issue of securities, it will often enter a bid in the market place to ensure an orderly distribution and a stable price in the secondary market. A stabilizing bid may be entered at or below the offering price and only one stabilizing bid may be entered by a syndicate. The lead underwriter or book running manager will be the firm that enters the stabilizing bid for the entire syndicate. The lead underwriter must notify FINRA by the end of the first day stabilization occurred.The lead underwriter will file a Underwriting Activity Report or UAR. Stabilization plans must be disclosed to investors in the offering prospectus. Be sure you have mastered all of the concepts surrounding syndicate operations as they will be tested on your exam. Pass your exam or your money back, with our GreenLight pass guarantee.
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The Securities Institute of America, Inc.