Underwriter League

2015

2016

2017

2018

2019

2020

2021

Rank	Underwriter	Bookrunner Volume ($MM)	Bookrunner Count	% Share	Volume Sold ($MM)	Deal Count
1	Citigroup	17,910.8	87	14.23%	17,025.7	87
2	Goldman Sachs	13,331.9	55	10.59%	12,309.9	55
3	Credit Suisse	10,093.6	49	8.02%	9,406.9	49
4	Cantor Fitzgerald	9,898.0	42	7.86%	8,594.6	42
5	Morgan Stanley	8,122.2	39	6.45%	6,736.8	40
6	Jefferies	7,192.8	36	5.71%	6,597.8	36
7	Deutsche Bank	6,456.6	36	5.13%	6,143.3	36
8	JP Morgan	5,835.6	35	4.64%	5,499.9	35
9	BofA Securities	5,749.5	34	4.57%	4,396.6	34
10	Barclays	5,615.8	35	4.46%	4,791.2	36
11	UBS	4,333.1	22	3.44%	3,933.2	22
12	Cowen	2,939.5	15	2.34%	2,599.7	15
13	EarlyBirdCapital	2,931.3	19	2.33%	2,217.4	22
14	BTIG	2,866.5	16	2.28%	2,063.7	17
15	RBC Capital Markets	1,833.3	9	1.46%	1,426.5	10
16	EF Hutton	1,673.6	16	1.33%	1,484.8	16
17	B. Riley FBR	1,563.3	8	1.24%	1,663.4	36
18	Maxim	1,518.6	14	1.21%	1,359.0	16
19	Stifel Nicolaus	1,396.8	10	1.11%	1,136.5	10
20	Chardan	1,340.2	12	1.06%	1,190.5	12
21	Evercore	1,280.6	10	1.02%	902.1	10
22	Guggenheim Securities	1,155.5	5	0.92%	910.9	6
23	Oppenheimer	1,077.0	7	0.86%	986.4	7
24	I-Bankers Securities	874.8	6	0.69%	631.0	21
25	BMO Capital Markets	818.0	6	0.65%	642.3	6
26	Wells Fargo	786.7	7	0.62%	702.1	7
27	Mizuho	727.5	4	0.58%	533.8	4
28	Moelis	470.0	4	0.37%	269.9	5
29	PJT Partners	466.4	3	0.37%	285.0	3
30	Piper Sandler & Co.	431.3	3	0.34%	180.0	4
31	Raymond James	414.0	3	0.33%	360.0	3
32	Craig-Hallum Capital Group	326.1	5	0.26%	240.0	5
33	Canaccord Genuity	322.0	2	0.26%	260.0	2
34	Code Advisors	316.5	3	0.25%	188.0	3
35	Nomura	306.7	3	0.24%	216.7	4
36	Ladenburg Thalmann	294.0	6	0.23%	543.9	14
37	Allen & Company	250.0	2	0.20%	230.0	2
38	ThinkEquity	230.0	2	0.18%	120.0	2
39	LionTree Advisors	223.3	2	0.18%	115.0	2
40	Imperial Capital	201.3	2	0.16%	283.8	2
41	Brookline Capital Markets	186.8	5	0.15%	53.3	8
42	William Blair	185.0	2	0.15%	132.3	3
43	Roth Capital Partners	182.3	4	0.14%	193.0	7
44	Needham	180.4	1	0.14%	190.0	2
45	Northland Capital Markets	150.0	1	0.12%	182.8	4
46	Intrepid Partners	143.8	1	0.11%	125.0	1
47	CIBC	138.0	1	0.11%	36.0	1
48	Loop Capital Markets	114.4	2	0.09%	120.0	12
49	Macquarie	101.6	1	0.08%	26.5	1
50	Siebert Williams Shank	96.9	2	0.08%	113.4	16
51	Sova Capital	86.3	1	0.07%	71.3	1
52	ABN AMRO	71.9	1	0.06%	43.8	1
53	SoFi	64.8	1	0.05%	100.0	5
54	Scotia Capital	64.8	1	0.05%	12.0	1
55	Kempen & Co.	63.8	1	0.05%	27.0	1
56	SMBC	62.5	1	0.05%	21.7	1
57	Apollo Global Securities	57.5	1	0.05%	195.0	2
58	TD Securities	57.5	1	0.05%	41.7	2
59	Network 1 Financial Securities	57.5	1	0.05%	7.0	1
60	Academy Securities	39.4	1	0.03%	87.4	16
61	Blaylock Van	39.4	1	0.03%	30.6	3
62	C.L. King & Associates	39.4	1	0.03%	21.1	3
63	Samuel A. Ramirez & Company	39.4	1	0.03%	17.6	3
64	US Tiger Securities	37.2	2	0.03%	50.0	2
65	R.F. Lafferty	37.2	2	0.03%	40.8	7
66	Odeon Capital Group	0.0	0	0.00%	445.4	7
67	Dawson James	0.0	0	0.00%	84.7	3
68	Drexel Hamilton	0.0	0	0.00%	84.1	13
69	JonesTrading	0.0	0	0.00%	67.7	3
70	Ingalls & Snyder	0.0	0	0.00%	63.0	8
71	Baird	0.0	0	0.00%	50.0	2
72	AmeriVet Securities	0.0	0	0.00%	46.9	11
73	Rothschild	0.0	0	0.00%	43.8	1
74	Tigress Financial Partners	0.0	0	0.00%	43.3	5
75	Berenberg	0.0	0	0.00%	40.0	1
76	Bancroft	0.0	0	0.00%	40.0	2
77	Xtellus Capital	0.0	0	0.00%	30.0	1
78	R. Seelaus	0.0	0	0.00%	27.3	6
79	Natixis	0.0	0	0.00%	26.3	1
80	Houlihan Lokey	0.0	0	0.00%	26.3	1
81	Telsey Advisory Group	0.0	0	0.00%	23.0	2
82	CastleOak Securities	0.0	0	0.00%	22.9	3
83	Cabrera Capital Markets	0.0	0	0.00%	21.0	2
84	Truist Securities	0.0	0	0.00%	20.0	1
85	Roberts and Ryan Investments	0.0	0	0.00%	18.3	5
86	Spartan Capital	0.0	0	0.00%	15.0	1
87	Beech Hill	0.0	0	0.00%	15.0	1
88	MUFG Securities	0.0	0	0.00%	13.2	1
89	ViewTrade Securities	0.0	0	0.00%	10.0	1
90	Futu Securities	0.0	0	0.00%	9.5	2
91	Alexander Capital	0.0	0	0.00%	8.0	1
92	Farvahar Capital	0.0	0	0.00%	5.3	3
93	U.S. Capital Advisors	0.0	0	0.00%	3.6	1
94	Guzman & Company	0.0	0	0.00%	3.0	1
95	Joseph Gunnar	0.0	0	0.00%	1.3	8
96	Westpark Securities	0.0	0	0.00%	0.1	3
97	Stephens	0.0	0	0.00%	0.0	1

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.