Glossary
Roadshow
A series of investor meetings held by an issuer and its bankers in the weeks before pricing.
The roadshow is the marketing phase of an IPO, traditionally conducted in person across major financial centers and now often virtual. Management — typically the CEO, CFO, and one or two key business leaders — pitches the company to portfolio managers, analysts, and large institutional investors.
A roadshow has two purposes: it markets the offering, and it generates the data the bankers need to build the book. Investor reactions, follow-up requests, and indicated demand at different prices feed directly into the pricing decision at the end of the marketing window.
The roadshow window is typically about two weeks, ending the night before the pricing call.