In 2025, Morgan Stanley underwrote approximately $168 billion in total equity and equity-linked volume across 210 transactions in the Americas, leading the market simultaneously on IPO deal count, IPO deal value, stabilisation mandates and block trade execution.
It ran lead-left books on 23 IPOs worth approximately $22 billion, held stabilisation roles on 20 transactions and featured as a lead on six of the 10 largest US listings of the year.
The year’s defining transaction was Medline’s $7.2
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