As they said, the direct public offering

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Due to the extensive and expensive legal requirements, the first public offering usually involves one or more law firms with major business in the field of securities law, such as Magic Circle Law Office in London and White Shoes Law Office in New York City. Financial historian Richard Silas showed that before 1860, most early American companies sold their stocks directly to the public without the help of intermediaries such as investment banks.


[14][15] was not conducted by auction, but in accordance with the stock price set by engineer database the issuing company. In this sense, it is the same as the traditional IPO fixed price public offering in most non-US countries in the early 1990s. The agency problems related to the products of investment bank intermediaries were eliminated. Distribution and pricing The sale of stocks in the first public offering （ distribution and pricing ） can take many forms.


Common methods include: doing your best to contract, firmly committing to the contract, all or no contract, buying a transaction, publicly released products are sold to both institutional investors and retail customers of underwriters. When a licensed securities salesperson （ a registered representative of the United States and Canada ） sells publicly released stocks to its customers, it will receive a partial sales discount （ the fee paid by the issuer to the underwriter ） instead of Pay by its customers.