The underwriting spread is the guaranteed minimum profit to an investment bank for each share distributed.
The underwriting spread represents the profit that participants in the underwriting process hope to gain from their successful efforts in distribution.

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The underwriting spread is not a guaranteed minimum profit; it is the difference between the price at which the underwriters buy an issue from the issuer and the price at which they sell it to the public, representing potential profit.

The Underwriting Spread Is the Guaranteed Minimum Profit to an Investment