This is accurate. They have lead left for their syndicate selected if they’re going the traditional underwriter route. They’ll pick all the banks for their syndicate with help from their advisors, and then teach sell side research about the company and use this as a trial period for fielding questions while everyone is under NDA’s before the public flip. Once the roadshow is launched it’ll be something between 1-2 weeks before pricing, though that’s been compressed towards ~1 week since everyone is doing digital meetings now vs in person.