This note covers the institutional process for companies making an initial public offering (IPO) of equity. It focuses on the basic institutional requirements of an underwritten security offering and the role of investment bankers. It is designed to familiarize students with the terminology and institutional practices of an IPO. In addition, it discusses the regulatory changes brought about by passage of the Jumpstart Our Business Startups (JOBS) Act in April 2012 and compares the process before and after the act was implemented.