Preparing for an Initial Public Offering 229 of those companies to discuss the underwriter's performance before, dur- ing, and after the offering. It is essential to determine whether the prom- ised after-market support was there, the promised research reports were completed and published on time, the road show was well handled, the senior staff members attended the meetings, and so on. More references can be obtained from the institutions to which the underwriter sells. The Letter of Intent Once selected, the lead underwriter will usually execute a letter of intent stating the terms and conditions of the proposed distribution of the securities and set- ting a range for the price of the securities, hence the valuation of the company. However, the final decision on these issues will be made during the due dili- gence process and will be determined by the post-effective price amendment (which may adjust the price based on recent events affecting the company or changes in market conditions). Because underwriters have different methods of arriving at the preliminary valuation and pricing, be prepared to solicit compet- ing bids if possible to ensure the best valuation for your company. The letter of