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Prior to the start of the roadshow, bankers conducted what is known as a "wall-crossed offering," where financial information about the company was provided to investors who signed confidentiality agreements, according to people familiar with the matter.
While wall-crossed deals gained some traction last year, and overnight offerings have been on the rise for several years, combining both has taken off in the past two months.
A lot of major accounts, before they even know the name of the company, will say they don't want to be wall-crossed on anything.
"The buy-side is less enamored of being wall-crossed now," said Lisa Carnoy, co-head of equity capital markets in the Americas for Merrill Lynch & Co.
"If an investor agrees to be wall-crossed, they have to agree to be out of [trading] that stock for a day or two, and a lot of portfolio managers don't want to take the risk of being out of this market for that long.