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A new technology platform backed by the biggest U.S. banks and money managers is aiming to bring the IPO market into the 21st century.
The syndicate desk—a longtime fixture at banks across Wall Street where IPOs and other large stock sales are priced and allocated to investors—has long clung to traditional ways of doing business like phone orders and scribbled pieces of paper, even as other businesses go digital.
Capital Markets Gateway LLC has set out to change that. Backed by Franklin Templeton, Fidelity Investments, Goldman Sachs Group Inc.,
GS,
JPMorgan Chase & Co. and Morgan Stanley,
MS,
among others, CMG was launched in 2017 by former bankers at Robert W. Baird & Co.
Its platform currently provides data and analytics on follow-on stock sales, block trades and initial public offerings, as well as a list of who the underwriters are for each offering. Later this year, the firm plans to expand its offering to enable investors to place orders for IPOs and other equity-capital-markets deals on the computer rather than doing so verbally over the phone, according to Chief Executive and co-founder Greg Ingram, who previously ran ECM at Baird.
An expanded version of this story appears on WSJ.com.
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