The temporary slowdown in IPO issuance created by August holidays has provided an opportunity to assess the deal flow so far this year, with the result revealing a striking increase in the number of bookrunners employed on European IPOs. The trend towards bigger syndicates has been an issue for several years and was cited as a serious problem in a BlackRock letter of 2011 sent by managing directors Luke Chappell and James Macpherson. The letter from the fund managers identified five problem areas in the IPO process as it stood, including large syndicates that would crowd out reasoned opinion.
展开▼
