Ryan's comment suggested to me that I should add a bit to my comments about dutch auctions.
Some have written that one of the big advantages of a dutch auction is that lower fees result. Clearly, there is a lot I don't know, but I can't see how lower fees are inherent in this alternative process. Well executed, I don't think there is much difference in the amount of work required--and therefore the costs associated--with one method of distribution over another.
In fact, the role of the investment banker is vitally important and should be well rewarded even in a Dutch Auction IPO. For instance, we had a client a few years ago that spent in the neighborhood of a quarter million dollars preparing software and legal filings to conduct a self managed IPO. Didn't work. Period.
