Jones & Co. recently went public and received $23.07 a share on their entire offer of 30,000 shares. Keeser & Co. served as the underwriter and sold 28,500 shares to the public at an offer price of $26.50 a share. What type of underwriting was this?

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This is a firm commitment underwriting, as Keeser & Co. agreed to purchase 28,500 shares from Jones & Co. and then sold them to the public at an offer price of $26.50 per share, regardless of whether or not they could sell all of the shares. The fact that the underwriter purchased the shares upfront from the company shows that this is not a best efforts underwriting, and the fact that the offer price was higher than the price at which the company sold their shares to the underwriter indicates that this was not a private placement. It is also not a shelf offering, which allows companies to sell securities over a period of time, rather than all at once. Lastly, there is no mention of oversubscription, which occurs when demand for shares exceeds the amount available, leading to a pro-rata allocation of shares.