Which of the following steps occurs first in the IPO process?

In the IPO process, the first step is selecting an underwriter. The underwriter plays a crucial role as the intermediary between the issuing company and the public, helping to facilitate the IPO. They provide advice on the timing of the offering, help to set the price range for the shares, and ensure that regulatory filings are complete and accurate. This initial step is essential because the underwriter's expertise helps the company navigate the complex requirements of going public and is fundamental in laying the groundwork for the subsequent stages of the IPO, including regulatory filings, pricing the shares, and ultimately selling the shares to the public. Without selecting an underwriter first, the company would lack the necessary guidance and support to proceed effectively through the IPO process.