Merrill Answers Petrie's Plea

This year, the most successful boutique to go public is Evercore(EVR Quote), the merger advisory shop started by Roger Altman, a former U.S. deputy treasury secretary. Shares of Evercore have risen 66% since their August debut.

But Evercore has ranked as the exception. Still, that is not deterring other boutique firms from looking for IPO gold

Just today, Keefe Bruyette Woods updated the registration statement for its own upcoming IPO, saying it expects to price shares around $20. That's the midpoint between the $19 to $21 a share range it's projecting. The planned offering is expected to raise $128 million, with the firm, which specializes in providing investment-banking services to the financial sector, receiving about $67 million in net proceeds. The deal values Keefe at about $600 million.

Keefe, ironically, was the lead underwriter on the Petrie Parkman IPO. Keefe, however, didn't lose out. It advised Petrie Parkman on the merger with Merrill Lynch.