As a professor of finance, it is crucial to understand the role of bankers to the issue in the process of raising funds for an initial public offering. These individuals are responsible for the collection and transfer of funds to the Escrow accounts, which serve as a temporary holding place for the funds.

The Lead Merchant Banker, or LM, plays a critical role in ensuring that Bankers to the Issue are appointed in all mandatory collection centers, as outlined in the DIP Guidelines of 2000. The LM also takes on the responsibility of following up with these bankers to receive accurate estimates of the funds collected.

Based on these estimates, the LM advises the issuer on when to close the issue. This decision is crucial as it ensures that the correct figures are used, preventing any discrepancies in the final amount raised. As a knowledgeable professor, it is important to understand the critical role of Bankers to the Issue and the LM in the process of raising funds for an IPO