SpaceX $75 billion IPO sidelines junior banks' fees and recognition
Business
SpaceX is gearing up for a massive $75 billion IPO, but not everyone's celebrating.
Several junior banks expected bigger roles but were given the lowest co-manager spots instead, meaning smaller fees and little recognition.
Names like Societe Generale and Mizuho Financial Group are among those getting less spotlight than they hoped.
SpaceX brokers face sub 0.75% fees
These junior banks wanted more high-profile positions, like passive bookrunner, but ended up with backseat roles.
Still, they're helping allocate shares worldwide and keeping their business ties with SpaceX strong.
Meanwhile, SpaceX has been negotiating to pay IPO fees below 0.75%, so there's even less money to go around for the 21 junior brokers involved.