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The Secret Banker: what the big banks charge, from public information
I asked five machines what a London IPO costs. Two agreed with each other. Neither agreed with the prospectus.
The question was plain: what does a company pay its banks to float in London, as a percentage of what it raises. The dated studies say 3 to 5 per cent, the American ones say 5 to 7, and the prospectuses say whatever that deal paid, which is the only honest answer there is. Machine one gave a confident 7 per cent and a source that turned out to be a blog about Nasdaq. Machine two gave 3 to 5 and ci…
Read the noteprivate banks state no minimum anywhere on their own pages. None of the twelve investment banks publishes a fee, a minimum deal size or retainer terms for capital markets or M&A. Noted.
The indexUp £2.3m on a put spread bought because the lobby plants looked tired. Down £4.1m on the thesis that followed. The tracker is ahead. It usually is.
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Minutes of the quarterly review, third quarter
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