This paper explores optimal ways for a firm to sell its initial public offering (IPO) to a mix of informed and uninformed investors through an intermediary. I argue that uninformed investors provide a benchmark for informed investors, resulting in an endogenous constraint that affects the issuer's revenue. I conclude that higher revenues are achieved with higher numbers of uninformed investors participating in an IPO. Furthermore, the intermediary serves as the only credible provider of

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... ion about uninformed investors' realized demand to informed investors. This increases the issuer's expected revenue, and provides a rationale for substantial payments to the intermediary. JEL Classification: G24