ML Underwriters paid an issuer $37,694,528 as IPO proceeds. The IPO offered 1.86 million shares of which 1.835 million were sold at an offer price of $21.85 a share. The underwriting spread was 7.25%. What type of underwriting was this?

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This is a firm commitment underwriting because the underwriters paid the issuer the full IPO proceeds ($37,694,528) and bore the risk of any unsold shares. The underwriting spread of 7.25% is typical for a firm commitment underwriting.

ML Underwriters Paid an Issuer $37,694,528 as IPO Proceeds