One IPO underwriter to rule them all?

August 8, 2013, 8:41 PM UTC

FORTUNE — If you’re a VC-backed company planning to go public, it’s best that you have at least two IPO underwriters.

That’s the finding of Morgan Creek Capital Management in a recent study of offerings led by sole bookrunners versus offerings led by joint bookrunners, between 2010 and the first quarter of 2013.

Morgan Creek examined 117 offerings that priced on either the NYSE or NASDAQ, 102 of which were joint led. It found that the smaller pot of sole-led offerings priced approximately 15% higher than their counterparts, but also had greater volatility and worse overall performance.

Data for VC-backed IPOs on U.S. exchanges. 2010-Q1 2013.
Source: Morgan Creek Capital Management

Notable sole-bookrunner offerings in the sample included Angie’s List (ANGI), Zillow (Z) and Zipcar. The full report is below:

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