The past year's global selloff has wreaked havoc among new issuers. Many large IPO candidates have paused offering plans indefinitely, and with the decline in large deals, bulge bracket investment banks have virtually disappeared from the IPO market.
Bulge bracket banks have long been staples of the IPO process. Between 2018 and 2022, the top three – Goldman Sachs, Morgan Stanley, and JP Morgan – served as lead left on about half of all US IPOs, accounting for nearly 80% of IPO capital raised. Their clients have included some of the largest offerings of the past decade, including...
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