Capital markets, compared
Twelve banks on equity and debt underwriting: what they publish (nothing), the discount on each recent IPO they led as the prospectus states it, where the league tables put them, and their conduct record.
Most recent find7%65UBS, ADARx Pharmaceuticalsunderwriting discount · filed 2026-09-28, read 1 Nov 2026
Cheapest0.667%47Bank of America, Space Exploration Technologiesunderwriting discount · filed 2026-06-11, read 2 Nov 2026
Dearest7%36JPMorgan Chase, ADARx Pharmaceuticalsunderwriting discount · filed 2026-09-28, read 1 Nov 2026
| Bank | Publishes fees or terms | Recent IPOs led, underwriting discount | LSEG global M&A rank, 2025 | LSEG global IB fees rank, 2025 | Fines 2021 to 2026 |
|---|---|---|---|---|---|
| Goldman Sachs | No | SK hynix ADS offering in the United States 0.972%31 Bending Spoons S.p.A. 4.375%32 Space Exploration Technologies 0.667%33 | 134 | 235 | None in the period |
| JPMorgan Chase | No | ADARx Pharmaceuticals 7%36 SK hynix ADS offering in the United States 0.972%37 Bending Spoons S.p.A. 4.375%38 | 239 | 140 | None in the period |
| Morgan Stanley | No | ADARx Pharmaceuticals 7%41 Space Exploration Technologies 0.667%42 INNIO N.V. 3.75%43 | 344 | 345 | None in the period |
| Bank of America | No | SK hynix ADS offering in the United States 0.972%46 Space Exploration Technologies 0.667%47 Fervo Energy Co 6%48 | 449 | 450 | None in the period |
| Citigroup | No | SK hynix ADS offering in the United States 0.972%51 Space Exploration Technologies 0.667%52 Blackstone Digital Infrastructure Trust 4.5%53 | 554 | 555 | £74.2m67 |
| Barclays | No | Cerebras Systems 2.35%56 Shawbrook 1.5%57 Hinge Health 6.25%58 | 759 | 660 | £83.2m1011 |
| HSBC | No | Moonpig 2%61 Dr. Martens 1.5%62 | 1963 | 1564 | £127.6m1415 |
| UBS | No | ADARx Pharmaceuticals 7%65 EquipmentShare.com 5.5%66 Shawbrook 1.5%67 | 1068 | 1369 | None in the period |
| Deutsche Bank | No | None found in filings | 1570 | 1171 | None in the period |
| BNP Paribas | No | Princes 2.25%72 Petershill Partners 1.75%73 Bridgepoint Plc 2%74 | 2075 | 976 | None in the period |
| Rothschild & Co | No | None found in filings | 1377 | 1178 | None in the period |
| Lazard | No | None found in filings | 1279 | 2480 | None in the period |
No bank in this table publishes a fee, a minimum deal size or retainer terms for this desk. Fees are set deal by deal and disclosed deal by deal, so they are shown deal by deal: the three most recent per bank here, every one on the deals page, never rolled into a rate. An IPO discount is shared among the named underwriters; a proxy fee is the adviser's own. If you are a bank and would like your fee in this table, there is a form. It is called a prospectus.
The Panel Six firms I deal with. Terms as discussed with me.
| Firm | Indicative fee | Retainer | Minimum |
|---|---|---|---|
| Harrowgate Lennox A lobby people photograph, and a pitch team of eleven who rarely see it. | IPO 3.84% to 4.69%P1 | £53,250 a month, creditedP1 | £1.35bn deal sizeP1 |
| Thornleigh Aubert A long tradition of never quite saying no. | Discretionary 0.64% to 0.37% by tierP2 | None stated. The relationship is the retainer.P2 | CHF 9mP2 |
| Lockridge Hartwell American to the core and billing in quarter hours, including the quarter hour spent reading this. | IPO 6.77% to 7.22%P3 | $92,750 a month, not creditedP3 | $1.85bn deal sizeP3 |
| Dunmore & Rook Proudly independent, right up to the fee letter. | M&A 1.81% success feeP4 | £34,250 a month, credited against the success feeP4 | £150m deal sizeP4 |
| Marchbank Private A royal warrant, a brass plate and a door with the minimum on it. | Discretionary 0.56% to 0.26% by tierP5 | Account fee £110 a monthP5 | £9mP5 |
| Linnet The challenger, with a chatbot called Ned who is always available and occasionally right. | 0.29% platform fee, funds extraP6 | None. Ned does not charge for his time.P6 | £400,000P6 |