Tech IPO Success Has Goldman Topping Underwriting Charts
If Goldman Sachs (GS Quote) CEO Hank Paulson is sporting a ponytail come bonus time to pay homage to Silicon Valley, it's because he knows where his proverbial bread is buttered.
Far from Goldman's Broad Street headquarters, about 40 of its bankers are using an office on Sand Hill Road in Menlo Park, Calif., for a continuing assault on the tech-savvy boutique banks that once dominated the West Coast. The bankers' success has solidified Goldman's perch atop 1999's underwriting rolls, where it shares increasingly rarefied air with Morgan Stanley Dean Witter (MWD Quote) and Merrill Lynch (MER Quote).
This year those three firms have combined to underwrite more equity deals than all their top 10 rivals together. And their dominance has only increased in the last year: Goldman, Morgan and Merrill held a combined equity underwriting-market share of 46% through Labor Day, up from 39% a year ago. ...
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