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The fees investment banks charge to underwrite IPOs can gobble several points from a public company’s gross proceeds, but new competition is giving some firms a chance to hold on to more of that sweet debut money.
This week, Nubank paid just 1.6% of the $2.6 billion it raised to its underwriters. As Bloomberg reported, “among 490 IPOs in the U.S. so far this year, only three paid a smaller percentage.”
In this morning’s edition of The Exchange, Anna Heim and Alex Wilhelm compared Nubank’s savings to DoorDash, which didn’t set aside any shares for underwriters in its November 2020 IPO.

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