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Underwriter is a company that administers the issuance and distribution of securities from the issuer. Underwriter is usually an investment bank that acts as an intermediary between the issuer and investors.
Both the issuing company and underwriter determine the offering price of securities, than the underwriter buys the securities from the issuing body in order to sell them to investors. Underwriter often charge underwriting fees to his client, but also receives some returns from selling shares. Because of underwriting fees charged, underwriter company is responsible for selling all of the securities at the specified offering price. In the case when underwriter is not able to sell all of the securities, he may be forced to keep the shares for itself or to sell them for less money and experience loss.