Equity Capital Markets (ECM)
ECM is the area of investment banking focused on the issuance of equity (stock).
- IPO: Initial Public Offering — first time a company sells stock to the public.
- Follow-on Offering: Issuing more shares after an IPO.
- Convertible Bonds: Bonds that can be converted into equity.
- Role of the Underwriter: Managing the sale and price discovery.