The independent adviser Investment banks often accuse independent advisers of enlarging syndicates to weaken the power of bookrunners, and exert tighter control over the flotation process. However, in our survey, independent advisers themselves voted overwhelmingly in favour of smaller syndicates.

Charlie Foreman, managing director at Lazard, said: "We are in favour of smaller syndicates, but issuers often feel like there are a lot of people they need to involve in the flotation process."