Underwriter (Number Of Offerings As Lead/ Number of Offerings As Lead Or Comanager)

Gross Proceeds (M)

Hambrecht & Quist LLC (2/5)

$218.5

Robertson Stephens (4/5)#

$177.3

Cowen & Co. (2/3)##

$145.5

Bear, Stearns & Co. Inc. (1/3)

$114.1

Pacific Growth Equities Inc. (0/2)

$109.9

Lehman Brothers (0/3)

$103.6

SBC Warburg Dillon Read Inc. (1/2)

$103.3

Vector Securities International Inc. (0/3)

$97.1

CIBC Oppenheimer Corp. (0/1)

$81.0

Morgan Stanley, Dean Witter & Co. (2/2)

$80.6

Volpe Brown Whelan & Co. (0/2)

$74.1

BT Alex. Brown Inc. (1/1)

$66.1

Piper Jaffray Inc. (0/1)

$66.1

Credit Suisse First Boston Corp. (1/1)

$65.7

Goldman, Sachs & Co. (1/1)

$58.0

Merrill Lynch & Co. (0/1)

$58.0

William Blair & Co. (0/1)

$58.0

Furman Selz LLC (1/2)

$56.7

UBS Securities LLC (1/2)

$54.6

Dresdner Kleinwort Benson Ltd. (1/1)

$51.3

Nomura International plc (1/1)

$39.5

Deutsche Morgan Grenfell Inc. (0/1)

$36.0

Everen Securities Inc. (0/1)

$36.0

J.P. Morgan & Co. (1/1)

$21.2

Invemed Associates Inc. (0/1)

$21.2

Donaldson, Lufkin & Jenrette Securities Corp. (0/1)

$18.9

Salomon Smith Barney Inc. (0/1)

$18.9

Gruntal & Co. LLC (1/1)

$16.1

Raymond James & Associates Inc. (0/1)

$16.0

Nesbitt Burns Inc. (1/1)

$15.3

Scotia McLeod Inc. (0/1)

$15.3

NationsBanc Montgomery Securities (1/1)

$14.6

Dirks & Co. Inc. (1/1)

$11.8

Security Capital Trading Inc. (0/1)

$11.8


* The offerings in this chart include only those that were completed on U.S. stock exchanges (NASDAQ, NYSE or AMEX) and the London Stock Exchange (LSE).

** After-market performance is expressed as the percent change in stock price between the IPO price and the closing price on 12/31/98. 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.

# Over the course of 1998, Robertson Stephens was affiliated first with BancAmerica and then with BancBoston. The entry in this chart is intended to include both.

## Cowen & Co. was acquired by Societe Generale in 6/98 and now goes under the name SG Cowen Securities Corp.

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