Independent advisers to companies carrying out initial public offerings face a tough battle to convince bookrunners of their relevance to deals, as well over half of banks believe these companies are damaging to them, the banks and investors, according to a Financial News survey.

More than 70% of bookrunners believe that independent advisers employed by companies looking to list for the first time were damaging to investors buying in to the deal. Only slightly fewer - 67% - claimed banks working on the deal were negatively impacted by these advisers' presence.