It is important to communicate declines quickly to the firms that have ultimately not been selected for a lead role in the IPO, for a number of reasons. First, it would be bad form if they happened to hear this from the financial media or from other houses and it is obviously best that this can be announced directly by the issuer or its adviser, probably initially through a telephone call, to be followed by a formal letter from the Chairman or CEO, as for declines communicated to firms eliminated after any written submission stage has taken place. Second, the sooner these firms can be told of their fate, the earlier they are likely — for some — to put an end to their lobbying efforts, which can become tantamount to harassment towards management or shareholders when a dozen investment banks are in the last stages of trying to obtain a lucrative equity capital markets mandate.
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