A roadshow runs roughly one to two weeks for an ipo and hours to days for a follow-on-offering. Management delivers the same deck repeatedly in group lunches and one-on-one meetings, and the one-on-ones with the largest funds carry the most weight in allocation decisions.
Everything said must be consistent with the prospectus because the quiet-period rules restrict what can be claimed outside the filing. Retail sees none of it directly, though the deck is often filed and the demand signals leak into press coverage.
Example: a 9-day roadshow with 62 meetings covering funds managing $4T. Ten anchor accounts indicate for 40M shares against a 15M share deal, which is the demand that lets the bank raise the ipo-price-range.
Related: ipo, book-building, quiet-period, underwriter, cornerstone-investor