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Ranked By Gross Proceeds
Underwriter Gross
(Number Of IPOs As Lead/ Proceeds
Number Of IPOs As Lead Or (M)
Comanager)
Lehman Brothers (3/3) $113.3
Merrill Lynch & Co. (1/1) $101.2
Morgan Stanley, Dean Witter Discover & Co. (2/2) $94.1
UBS Securities LLC (2/4) $68.0
Hambrecht & Quist LLC (3/7) $67.9
Dresdner Kleinwort Benson Ltd. (1/1) $67.7
BT Alex. Brown Inc. (1/3) $41.5
NationsBanc Montgomery Securities Inc. (1/3) $34.5
Salomon Brothers Inc. (1/1) $32.4
BancAmerica Robertson, Stephens (1/3) $26.8
Cowen & Co. (1/2) $22.8
Paulson Investment Co. Inc. (1/1) $20.7
CIBC Oppenheimer Corp. (1/1) $18.4
Everen Securities Inc. (1/1) $18.0
Nutmeg Securities Ltd. (1/1) $16.2
First Marathon Securities Ltd. (1/1) $15.4
Sunrise Securities Corp. (1/1) $14.4
National Securities Corp. (1/1) $7.3

* After-market performance is expressed as the percent change in stock price between the IPO price and the closing price on 12/31/97. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentages summed, and then averaged.

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