When a company launches its IPO, management schedules a nationwide series of lunches, breakfasts and dinners to make its pitch to institutional investors. These presentations are organized by the lead manager and are held at hotel dining rooms in major cities. For particularly hot IPOs, these presentations attract hundreds of investors who are jammed 10 or 12 to a table. Management’s presentation is typically similar to the net roadshow, and might even use the same slides. However, a live roadshow will almost always include a Q&A session.