The number of investment banks working on initial public share offerings has reached a record high as bankers scramble for work amid a dearth of global deal activity.
Companies are exploiting banker desperation, in the worst market for nearly a decade, to get more institutions working on their deals for the same total cost. This comes at a time when total fees have been shrinking.
The average number of bookrunners on global deals worth more than $500m rose from four last year to six, a record in data going back to 1995, according to Dealogic. Before the financial crisis the average was closer to two. Bookrunners gauge investor interest, allocate shares and sometimes act as underwriters.
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