Ticker LaunchUS IPO underwriters league table, 2025
The most active US IPO underwriters in 2025, ranked by deals led as lead-left underwriter. Goldman Sachs ranks first with 17 deals.
All years 2026 2025 2024 2023 2022 2021 2020 2019
| # | Firm | Deals as lead-left | Deals in any role | Proceeds of deals led | Median deal led |
|---|---|---|---|---|---|
| 1 | Goldman Sachs | 17 | 32 | $16.18B | $728M |
| 2 | J.P. Morgan | 9 | 22 | $5.27B | $717M |
| 3 | Morgan Stanley | 9 | 24 | $4.83B | $521.7M |
| 4 | D. Boral Capital | 9 | 11 | $86.9M | $9.5M |
| 5 | Dominari | 7 | 7 | $21M | $10.5M |
| 6 | BofA Securities | 6 | 19 | $1.51B | $239.5M |
| 7 | US Tiger | 6 | 8 | $24.1M | $6M |
| 8 | Bancroft | 6 | 7 | $8.5M | $8.5M |
| 9 | Kingswood | 5 | 5 | $24.9M | $6M |
| 10 | Barclays | 4 | 11 | $1.48B | $395.4M |
| 11 | Benchmark | 4 | 6 | $40.8M | $7.7M |
| 12 | Craft Capital | 4 | 5 | $24M | $5M |
| 13 | Citigroup | 3 | 21 | $890M | $445M |
| 14 | Stifel | 3 | 25 | $614.8M | $307.4M |
| 15 | Piper Sandler | 3 | 17 | $170M | $85M |
| 16 | AC Sunshine | 3 | 3 | $23M | $11.5M |
| 17 | Maxim Group | 3 | 3 | $21.5M | $6.4M |
| 18 | R.F. Lafferty | 3 | 3 | $20.4M | $10.2M |
| 19 | Benjamin | 3 | 3 | $20M | $7M |
| 20 | Cathay Securities | 3 | 3 | $18M | $9M |
| 21 | ThinkEquity | 2 | 2 | $33M | $16.5M |
| 22 | Prime Number | 2 | 6 | $20.6M | $10.3M |
| 23 | A.G.P. | 2 | 2 | $20M | $10M |
| 24 | Roth Capital | 2 | 6 | $20M | $20M |
| 25 | American Trust Investment Services | 2 | 2 | $12.8M | $6.4M |
| 26 | UBS | 1 | 8 | $682.5M | $682.5M |
| 27 | Leerink Partners | 1 | 5 | $285M | $285M |
| 28 | BTIG | 1 | 10 | $265M | $265M |
| 29 | Hovde | 1 | 1 | $172.2M | $172.2M |
| 30 | Truist | 1 | 8 | $168M | $168M |
| 31 | B. Riley | 1 | 2 | $159.4M | $159.4M |
| 32 | Laidlaw | 1 | 1 | $10M | $10M |
| 33 | Grande Capital | 1 | 1 | $9.4M | $9.4M |
| 34 | Joseph Gunnar | 1 | 1 | $5M | $5M |
| 35 | Wei | 1 | 1 | $5M | $5M |
| 36 | Craig-Hallum | 1 | 2 | — | — |
| 37 | Eddid | 1 | 1 | — | — |
| 38 | Evercore ISI | 1 | 14 | — | — |
| 39 | Jefferies | 1 | 18 | — | — |
| 40 | Joseph Stone | 1 | 1 | — | — |
| 41 | Network 1 | 1 | 2 | — | — |
| 42 | Northland | 1 | 1 | — | — |
| 43 | Revere | 1 | 11 | — | — |
Lead-left is the first bank named on the final prospectus cover; proceeds (base deal, before the over-allotment) are credited in full to that bank. "Any role" counts every bank on the cover. Based on the 138 deals with underwriters on record.
Other tables: US IPO law firms · SPAC IPO underwriters · SPAC IPO law firms
Filter by sector, role and year in Ticker Launch
Subscribers can filter league tables by sector and role, see every deal behind each ranking, and download the data to Excel.