A good underwriter will support the stock for several weeks after the offering date. They provide artificial buying in the aftermarket to support the price. This is perfectly legal and expected. This is usually incorporated as part of the underwriting agreement. Analyst coverage subsequent to the offering is crucial.
Analysts maintain an information flow about the company and the industry to the investing public.
Knowing the quality of analyst coverage prior to approaching the underwriting is a big plus. Analysts are widely regarded as experts in their field. Their opinions and writing carries a lot of weight. So this a major factor that should be considered when choosing an underwriter. This letter is non-binding.