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Ranked By Gross Proceeds
Underwriter Gross
(Number Of IPOs As Lead/ Proceeds
Number Of IPOs As Lead Or (M)
Comanager)
Hambrecht & Quist LLC (3/7) $207.0
BT Alex. Brown Inc. (1/3) $133.8
Lehman Brothers (3/3) $113.3
UBS Securities LLC (2/4) $112.1
NationsBanc Montgomery Securities Inc. (1/3) $102.5
Merrill Lynch & Co. (1/1) $101.2
Donaldson, Lufkin & Jenrette Securities Corp. (0/1) $101.2
Morgan Stanley, Dean Witter Discover & Co. (2/2) $94.1
BancAmerica Robertson, Stephens (1/3) $86.7
Smith Barney Inc. (0/2) $80.7
Dresdner Kleinwort Benson Ltd. (1/1) $67.7
Vector Securities International Inc. (0/2) $63.3
Cowen & Co. (1/2) $55.2
Fahnestock & Co. Inc. (0/1) $48.3
Invemed Associates Inc. (0/1) $44.9
Millennium Financial Group Inc. (0/2) $36.9
Pacific Growth Equities Inc. (0/1) $34.5
Salomon Brothers Inc. (1/1) $32.4
Raymond James & Associates Inc. (0/1) $30.0
J.P. Morgan & Co. (0/1) $22.8
Paulson Investment Co. Inc. (1/1) $20.7
First Colonial Securities Group Inc. (0/1) $20.7
Genesis Merchant Group Securities (0/1) $20.1
CIBC Oppenheimer Corp. (1/1) $18.4
Everen Securities Inc. (1/1) $18.0
Principal Financial Securities Inc. (0/1) $18.0
Nutmeg Securities Ltd. (1/1) $16.2
Wessels, Arnold & Henderson (0/1) $16.1
First Marathon Securities Ltd. (1/1) $15.4
Goepel Shields & Partners Inc. (0/1) $15.4
Midland Walwyn Capital Inc. (0/1) $15.4
Sunrise Securities Corp. (1/1) $14.4
M.H. Myerson & Co. Inc. (0/1) $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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