Underwriter (Number Of IPOs As Lead Or Co-lead Underwriter) After-Market Performance (Average)

CIBC World Markets (1)+106%
Banc of America Securities (2)+75%
Deutsche Bank Securities (1)+71%
Morgan Stanley & Co. (2)+31%
Merrill Lynch & Co. (2)+19%
Pacific Growth Equities (1)+17%
SG Cowen & Co. (2)-6%
JP Morgan Securities (4)-15%
UBS Investment Bank (2)-20%
Credit Suisse First Boston (1)-20%
C.E. Unterberg, Towbin (1)-22%
ThinkEquity Partners (1)-22%
Lehman Brothers (2)-27%
Jefferies & Co. (1)-37%
Bear, Stearns & Co. (1)-42%
First Dunbar Securities (1)-55%
WR Hambrecht + Co. (1)-57%

# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/05. 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.

No Comments