Goldman Bottom Of IPO League

10 years ago

Joint research by Dealogic and The Telegraph has revealed that the weighted value of companies brought to the London market in the last three years by Goldman Sachs has fallen by more than 70%.

This sobering figure puts Goldman at the bottom of the league of the 10 leading investment banks on the performance of UK flotations for which they were bookrunners since the beginning of 1999.

Second from bottom comes Dresdner Kleinwort Wasserstein with an average performance of minus 49%. Third from bottom at minus 48% is Morgan Stanley.

Only two banks, Cazenve and ABN Amro Hoare Govett saw the value of the companies they brought to the market in the last 3 years actually rise.

As the Telegraph points out, however, Goldman's negative figures can be put down to the fact that it had the lead position of all the firms in technology flotations during the dot.com boom.

The UK's worst-performing IPO over the last 3 years was QXL.com, brought to the market by CSFB. As of last week, the shares had fallen over 99%.