The gross underwriting spread (gross spread) that is adjusted for the impact of a common stock initial public offering‘s announcement on the share price of a company. The announcement of a public offering usually impacts the difference between the underwriting price received by the issuer (of shares) and the actual price offered to the public (potential holders of the shares/ investors). If positive, the impact would increase the gross spread- that is the profit (or cut) of the financial institution that played the role of an underwriter in the IPO listing.