Groupon is adding six more banks to its IPO team, according to Bloomberg sources.
This isn’t public, and no one is commenting.
The banks are: Barclays, JP Morgan, Citigroup, Deutsche, Bank of America and Allen & Co. The current lead underwriters are Morgan Stanley, Goldman Sachs and Credit Suisse.
Why is Groupon adding so many banks to its IPO?
(We don’t remember the last time we saw an IPO with nine bookrunners.)
One possibility: with all the negative press about Groupon’s huge losses and other problems with its business and “checkered past” chairman, Groupon’s management wants to “stack the deck” to make sure the IPO goes well. In an IPO, the bankers’ job is basically to be salespeople for their client’s stock to the big investors who buy in the IPO.
Don’t Miss: 10 HUGE Questions About Groupon’s IPO →
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.