Goldman made a lowball bid of just 0.75 percent of proceeds, supposedly to win the IPO business. The reaction was that Treasury declined the Goldman lowball offer, and forced the lowball fee on four big Wall Street banks that are set to lead the offering. Those banks could have made up to three or four times the $120 million they will split on the deal.
IPOs of this size usually cost close to 3 percent even up to a full 6 percent. Other bids were said to be generally in the 2 to 2.5 percent range while Reuters notes that a 0.75 percent underwriting fee is among the smallest in percentage-terms, of the top 10 IPOs of all time.
Goldman Tax strikes again and they are not even in the deal!
Philly Fed: State Coincident Indexes Increased in 44 States in March
(3-Month Basis)
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From the Philly Fed:
The Federal Reserve Bank of Philadelphia has released the coincident
indexes for the 50 states for March 2024. Over the past three mo...
1 hour ago