Starlings gather in murmurs and geese in gaggles. Corporate financiers flocking to promote big share sales need a collective noun. A “validation of investment bankers” perhaps? Clients find comfort in super-syndicates. Saudi Aramco, for example, has hired 25 banks (plus three “special advisers”) to get the world’s biggest-ever initial public offering (IPO) off the ground.

The banks could have $60bn of equity to price, underwrite and distribute, at upper estimates. Still, most of them are well versed in working together. Uber retained 29 banks for its own float. Alibaba came to market in 2014 with 35 little helpers.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.