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textabstractWe conducted 46 interviews with CEOs and CFOs who were closely\udinvolved in an initial public offering (IPO) in the Netherlands. Among other things, we\udfind that pre-existing relationships are a primary consideration in the selection of the\udlead manager and other syndicate members. Pre-marketing feedback figures prominently\udthroughout the pricing process. The width of the price range of book-built IPOs\udis especially driven by valuation uncertainty. There is evidence of strategic underpricing\udin anticipation of subsequent equity issues and because of management’s interest\udin satisfying new shareholders. Many interviewees believe that the lead manager’s\udbusiness interests have had a strong influence on the allocation of shares. Managerial\udperceptions of IPO success are largely driven by how well the firm fared in terms of\udstock price performance, changes in media attention and visibility, and changes related\udto the retention and recruitment of staff

CEOs and CFOs on IPOs: The Process and Success of Going Public