there's no talk to the public about the shares.

不得公开披露新股发行的任何消息
During this period, no talk publicly;

在此期间禁止公开谈论
The SEC wants to manage the process

SEC要掌控承销过程
so that everything is done appropriately.

让每件事都井井有条
At this point, during the pre-filing period,

因此在预申报阶段
the investment bank forms a syndicate of other underwriters

投资银行和其他承销商组成联席承销团
and they sign an agreement among underwriters.

并且承销商之间需签署协议
Usually, one investment bank is not big enough to handle

通常一家投行很难独自应对大型的发行工作
a big issue and it wants to get help of other investment banks,

它会希望得到其他投资银行的协助
so they form a syndicate of underwriters

所以他们在预申报阶段
during the pre-filing period.

组成联席承销团
There's a lead underwriter,

一家主承销商