A financial institution, usually a *merchant bank. that specializes in the *flotation of private companies on a *stock exchange. In some cases the issuing house will itself purchase the whole issue (See’ UNDFRWRITER), thus ensuring that there is no uncertainly in the amount of money the company will raise by flotation. It wiII then sell the shares to the pubic, usually by an *offer for sale, *introduction. *issue by tender, or *placing.