According to Ritter, most big IPOs have two to three “lead underwriters” or “lead book runners.” They’re the ones empowered to allocate the shares on offer among themselves and the other members of the syndicate, a group that typically might total 20 or so. Judging from past offerings, Ritter estimates that the SpaceX book runners could collect some 35% of the fees, or roughly $350 million, with the rest divided among the members hitching a ride.
To be sure, there are also key differences between today and the 1970s that may prevent a repeat of that era’s crisis. For one, the U.S. is now the world’s largest oil producer, topping even Saudi Arabia.
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