IPO who sets the reference price for a direct offering?

Is it the exchange or the company?

 

Co

 

Are you sure>
http://newsfile.refinitiv.com/getne...rs.com:20230727:nBw69y6Nla&default-theme=true
Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a regional air travel company aiming to sustainably connect the world’s communities, today announced that a reference price of $20.00 per share of Common Stock has been established by the New York Stock Exchange (the “NYSE”) for the expected listing of SAM’s Common Stock on the NYSE on Thursday, July 27, 2023.Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a regional air travel company aiming to sustainably connect the world’s communities, today announced that a reference price of $20.00 per share of Common Stock has been established by the New York Stock Exchange (the “NYSE”) for the expected listing of SAM’s Common Stock on the NYSE on Thursday, July 27, 2023.

 

That's a Direct Listing, not an IPO.

 

The investing banking firm managing and underwriting the offering along with the company.