Underwriter League

2015

2016

2017

2018

2019

2020

2021

Rank	Underwriter	Bookrunner Volume ($MM)	Bookrunner Count	% Share	Volume Sold ($MM)	Deal Count
1	Citigroup	16,833.5	81	14.59%	15,999.7	81
2	Goldman Sachs	12,869.4	51	11.15%	11,790.7	51
3	Credit Suisse	9,495.0	46	8.23%	8,869.4	46
4	Cantor Fitzgerald	8,128.0	34	7.04%	7,006.6	34
5	Morgan Stanley	7,681.7	36	6.66%	6,440.5	37
6	Jefferies	6,714.7	34	5.82%	6,147.8	34
7	Deutsche Bank	6,248.1	34	5.42%	5,916.5	34
8	JP Morgan	5,539.9	32	4.80%	5,204.9	32
9	Barclays	5,422.3	33	4.70%	4,586.2	34
10	BofA Securities	5,399.3	31	4.68%	4,139.1	31
11	UBS	4,080.5	20	3.54%	3,658.2	20
12	BTIG	2,785.1	15	2.41%	2,033.7	15
13	Cowen	2,714.5	13	2.35%	2,418.2	13
14	EarlyBirdCapital	2,673.9	17	2.32%	2,021.2	19
15	RBC Capital Markets	1,756.6	8	1.52%	1,366.5	9
16	B. Riley FBR	1,525.8	8	1.32%	1,657.9	25
17	Stifel Nicolaus	1,258.8	9	1.09%	1,100.5	9
18	Maxim	1,170.1	11	1.01%	1,049.0	13
19	Oppenheimer	1,047.0	7	0.91%	986.4	7
20	Evercore	987.0	8	0.86%	660.1	8
21	EF Hutton	949.9	9	0.82%	814.5	9
22	Guggenheim Securities	925.5	4	0.80%	710.9	5
23	BMO Capital Markets	818.0	6	0.71%	642.3	6
24	Wells Fargo	779.2	7	0.68%	702.1	7
25	Mizuho	727.5	4	0.63%	533.8	4
26	I-Bankers Securities	719.5	4	0.62%	517.2	16
27	Chardan	623.8	6	0.54%	572.5	6
28	Moelis	470.0	4	0.41%	269.9	5
29	PJT Partners	464.2	3	0.40%	285.0	3
30	Piper Sandler & Co.	431.3	3	0.37%	180.0	4
31	Raymond James	414.0	3	0.36%	360.0	3
32	Canaccord Genuity	322.0	2	0.28%	260.0	2
33	Craig-Hallum Capital Group	268.6	4	0.23%	190.0	4
34	Nomura	254.2	2	0.22%	134.2	3
35	Allen & Company	250.0	2	0.22%	230.0	2
36	Ladenburg Thalmann	241.5	5	0.21%	476.4	13
37	ThinkEquity	230.0	2	0.20%	120.0	2
38	Code Advisors	226.3	2	0.20%	118.0	2
39	William Blair	185.0	2	0.16%	107.3	2
40	Intrepid Partners	143.8	1	0.12%	125.0	1
41	CIBC	138.0	1	0.12%	36.0	1
42	LionTree Advisors	127.4	1	0.11%	90.0	1
43	Roth Capital Partners	124.8	3	0.11%	143.0	6
44	Imperial Capital	115.0	1	0.10%	160.0	1
45	Loop Capital Markets	114.4	2	0.10%	120.0	12
46	Macquarie	101.6	1	0.09%	26.5	1
47	Siebert Williams Shank	89.4	2	0.08%	112.7	15
48	Brookline Capital Markets	80.5	2	0.07%	26.8	5
49	ABN AMRO	71.9	1	0.06%	43.8	1
50	Kempen & Co.	63.8	1	0.06%	27.0	1
51	SMBC	62.5	1	0.05%	21.7	1
52	SoFi	60.0	1	0.05%	100.0	5
53	Scotia Capital	60.0	1	0.05%	12.0	1
54	Network 1 Financial Securities	57.5	1	0.05%	7.0	1
55	Apollo Global Securities	50.0	1	0.04%	195.0	2
56	TD Securities	50.0	1	0.04%	41.7	2
57	Academy Securities	39.4	1	0.03%	87.4	16
58	Blaylock Van	39.4	1	0.03%	30.6	3
59	C.L. King & Associates	39.4	1	0.03%	21.1	3
60	Samuel A. Ramirez & Company	39.4	1	0.03%	17.6	3
61	US Tiger Securities	37.2	2	0.03%	50.0	2
62	R.F. Lafferty	37.2	2	0.03%	40.8	7
63	Odeon Capital Group	0.0	0	0.00%	313.4	5
64	Dawson James	0.0	0	0.00%	84.7	3
65	Drexel Hamilton	0.0	0	0.00%	72.1	12
66	Ingalls & Snyder	0.0	0	0.00%	58.0	7
67	Rothschild	0.0	0	0.00%	43.8	1
68	Tigress Financial Partners	0.0	0	0.00%	43.3	5
69	Berenberg	0.0	0	0.00%	40.0	1
70	Bancroft	0.0	0	0.00%	40.0	2
71	JonesTrading	0.0	0	0.00%	37.7	2
72	AmeriVet Securities	0.0	0	0.00%	37.4	9
73	Northland Capital Markets	0.0	0	0.00%	33.3	3
74	Xtellus Capital	0.0	0	0.00%	30.0	1
75	R. Seelaus	0.0	0	0.00%	27.3	6
76	Natixis	0.0	0	0.00%	26.3	1
77	Houlihan Lokey	0.0	0	0.00%	26.3	1
78	Telsey Advisory Group	0.0	0	0.00%	23.0	2
79	CastleOak Securities	0.0	0	0.00%	22.9	3
80	Cabrera Capital Markets	0.0	0	0.00%	21.0	2
81	Baird	0.0	0	0.00%	20.0	1
82	Roberts and Ryan Investments	0.0	0	0.00%	18.3	5
83	Spartan Capital	0.0	0	0.00%	15.0	1
84	Beech Hill	0.0	0	0.00%	15.0	1
85	Needham	0.0	0	0.00%	15.0	1
86	MUFG Securities	0.0	0	0.00%	13.2	1
87	ViewTrade Securities	0.0	0	0.00%	10.0	1
88	Futu Securities	0.0	0	0.00%	9.5	2
89	Alexander Capital	0.0	0	0.00%	8.0	1
90	Farvahar Capital	0.0	0	0.00%	5.3	3
91	U.S. Capital Advisors	0.0	0	0.00%	3.6	1
92	Guzman & Company	0.0	0	0.00%	3.0	1
93	Joseph Gunnar	0.0	0	0.00%	1.1	3
94	Westpark Securities	0.0	0	0.00%	0.1	2

Credit for Bookrunner Volume ($MM) is based on the total amount of the offering sold, including over-allotment. Full credit is awarded to the sole book-runner or split equally among joint book-runners.