| Underwriter (Number Of IPOs As Lead/Number Of IPOs As Lead Or Co-manager) |
After-Market Performance (Average) |
| Cowen & Co. (1/3) | +43% |
| JMP Securities (0/4) | +27% |
| Bank of America Securities (1/4) | +26% |
| Deutsche Bank Securities (1/2) | +23% |
| Natexis Bleichroeder Inc. (0/2) | +19% |
| Rodman & Renshaw (0/2) | +19% |
| Leerink Swann & Co. (0/7) | +17% |
| Merrill Lynch & Co. (3/3) | +12% |
| Piper Jaffray & Co. (1/3) | +12% |
| CIBC World Markets (1/5) | +11% |
| JP Morgan Securities (3/4) | +11% |
| UBS Investment Bank (4/4) | +10% |
| Lehman Brothers (4/4) | +7% |
| Morgan Stanley (6/6) | +2% |
| Allen & Co. LLC (0/1) | -0.1% |
| Thomas Weisel Partners (0/1) | -1% |
| Blackmont Capital (0/1) | -6% |
| Dawson James Securities (0/1) | -6% |
| Desjardins Securities (1/1) | -6% |
| Dundee Securities (1/1) | -6% |
| Credit Suisse Securities (2/3) | -9% |
| Pacific Growth Equities (0/4) | -15% |
| Jefferies & Co. (2/3) | -19% |
| Lazard Capital Markets LLC (0/5) | -23% |
| C.E. Unterberg, Towbin (1/1) | -27% |
| Oppenheimer & Co. (0/2) | -31% |
| Bear, Stearns & Co. (1/1) | -33% |
| Montgomery & Co. (0/1) | -33% |
| Caris & Co. (0/1) | -34% |
| AG Edwards Securities (0/1) | -35% |
| RBC Capital Markets (1/1) | -35% |
| Susquehanna Financial (0/1) | -42% |
| Maxim Group LLC (2/2) | -48% |
| I-Bankers Securities (0/1) | -61% |
| * The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) from Jan. 1 Dec. 31, 2007. Gross proceeds include additional funding raised from the exercise of overallotment options, when disclosed. | |
| # After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/07. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged. | |
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