Which step is NOT part of the IPO process?

In the context of the Initial Public Offering (IPO) process, setting a profit margin is not a recognized step. The primary aims of an IPO include raising capital and allowing investors to buy shares in the company. This process typically involves specific phases, such as selecting underwriters, who play a crucial role in managing the IPO and pricing the shares; making necessary regulatory filings to ensure compliance with financial authorities; and finally, selling shares to the public once the offering is ready.

While companies do consider various financial metrics when pricing their IPOs, setting a profit margin is not a direct step in the IPO process itself. Instead, the pricing mechanism is influenced by market conditions, investor demand, and the financial health of the company, among other factors. Thus, the correct answer highlights that setting a profit margin is not a formal or required step within the IPO procedure.