Morgan Stanley and Goldman Sachs Group Inc. lined up lead roles on Uber Technologies Inc.’s initial public offering, joining a roster of 29 banks that will help the ride-hailing giant go public.
Morgan Stanley took the coveted lead left position, the name given to the principal underwriter on the offering, according to Uber’s IPO prospectus, filed with the U.S. Securities and Exchanges Commission Thursday. Banks listed on the filing’s second tier were Bank of America Corp., Barclays Plc, Citigroup Inc. and Allen & Co.
The listing is likely to catapult Morgan Stanley to the top of the IPO advisory league tables, according to data compiled by Bloomberg. In recent years, the accolade has shifted between JPMorgan Chase & Co., Goldman Sachs and Bank of America.
With a slew of large technology listings expected this year, bankers have been jostling for position in the coveted lead-left slot for the biggest IPOs. JPMorgan led Uber rival Lyft Inc.’s listing in March, while next week Goldman Sachs will lead digital scrap-booking company Pinterest Inc. to its public market debut.
In addition to winning the top spot on Uber’s prospectus, Morgan Stanley will also take on the profitable job of overseeing the company’s early hours of public trading as the syndicate trading manager, or stabilization agent, on the offering. The role, which includes managing additional shares allotted underwriters comes with the potential for more commissions. Uber is expected to net millions of dollars in fees for Morgan Stanley as well as other bank advisers.
The complete list of underwriters is listed on page 273 of the filing as follows:
Morgan Stanley & Co. LLC Goldman Sachs & Co. LLC Merrill Lynch, Pierce, Fenner & Smith Inc. Barclays Capital Inc. Citigroup Global Markets Inc. Allen & Co. LLC RBC Capital Markets LLC SunTrust Robinson Humphrey Inc. Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. SMBC Nikko Securities America Inc., Mizuho Securities USA LLC Needham & Co. LLC Loop Capital Markets LLC Siebert Cisneros Shank & Co. LLC Academy Securities Inc. BTIG LLC Canaccord Genuity LLC CastleOak Securities LP Cowen and Co. LLC Evercore Group LLC JMP Securities LLC Macquarie Capital (USA) Inc. Mischler Financial Group Inc. Oppenheimer & Co. Inc. Raymond James & Associates Inc. William Blair & Co. LLC The Williams Capital Group LP TPG Capital BD LLC
Bloomberg