In Anthropic’s IPO, Goldman and Morgan Stanley slug it out for top bank
As lead underwriters on the AI firm’s public offering, the rivals will gain both fees and prestige
Wall Street's Goldman Sachs and Morgan Stanley are competing fiercely for the top roles in Anthropic's upcoming IPO, which is expected to be the largest public offering ever. As the lead underwriters, the two banks will earn significant fees and prestige from the deal. In Anthropic's prospectus, Goldman is listed first on the left as the "lead left" bank, while Morgan Stanley is the "stabilisation agent" responsible for ensuring smooth trading on the IPO's first day.
Both banks have been in heated competition for this position, with the exact details of their roles only revealed in the last week. The AI boom has been a boon for the banks, with Goldman Sachs reporting a 29% rise in profit and 23% increase in revenue, well above analysts' expectations. Morgan Stanley also reported a 12% revenue increase and a 6.5% profit rise.
The prestigious role of advising on a high-profile IPO is highly valued by investment banks, as it can enhance their marketing efforts and attract valuable high-net-worth clients for private wealth management services.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
