Magazine article American Banker

Credit Suisse, J.P. Morgan Top Third-Quarter IPO Rankings

Magazine article American Banker

Credit Suisse, J.P. Morgan Top Third-Quarter IPO Rankings

Article excerpt

A spate of initial public offerings by technology companies in the third quarter helped Credit Suisse First Boston and J.P. Morgan & Co. reach the top of the latest IPO league table.

Credit Suisse, the No. 1 IPO underwriter, was a lead manager for music Web site MP3.com's $344 million offering in late July and Fairchild Semiconductor International's $370 million August IPO.

Credit Suisse, which moved from No. 3 in the second quarter, underwrote 19 issues worth $2.3 billion.

J.P. Morgan vaulted to second place from 10. The $269 billion-asset banking company led the largest IPO of the quarter, a $1.94 billion issue for biotechnology firm Genentech Inc.

"To maintain our competitive position, we've focused approximately half our IPO business on technology, media, and telecommunications," said Michael Tiedemann, vice president in J.P. Morgan's equity capital markets group. "We've seen it taking a larger share of the market over the last two to three years."

Tech firms issued 107 out of 147 first-time public equity issues.

The second-largest deal of the quarter -- the $564 million offering for cable company Insight Communications -- boosted Donaldson, Lufkin & Jenrette to third place from fifth. DLJ ranked seventh in the third quarter of 1998. The firm underwrote 11 issues valued at $1.3 billion.

The third-largest deal, Manulife Financial's $544 million offering, was co-underwritten by Credit Suisse and Merrill Lynch & Co. Inc.

With the exception of J.P. Morgan, commercial banks and their U.S. affiliates gained no more than 7% each of the IPO market.

Salomon Smith Barney came in seventh, up from 12th place. The Citigroup unit underwrote eight issues worth $908 million.

Deutsche Bank followed in eighth place, leading 12 issues worth $890 million. …

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