Goldman Sachs & Co was the top underwriter of initial public offerings in the tough third quarter according to data released by Global Securities Information Inc.

Goldman Sachs only did one deal in the quarter, but it was enough for almost US$1.6 billion in net proceeds. The number two firm, Morgan Stanley Dean Witter, managed two deals, but only raised US$445 million. Deutsche Banc Alex Brown ranked third, with two deals; followed by Merrill Lynch & Co; and, Banc of America Securities LLC.

The top Canadian showing was RBC Dain Rauscher Wessels, ranked ninth with just one deal for US$51 million. RBC takeover target Tucker Anthony ranked 13th.

The transactions considered consist of all deals registered with the Securities and Exchange Commission that have completion dates that fall within the quarter and result in a change in control.

The dollar amounts consist of estimated transaction values as disclosed by the filing party. Only the lead advisor or counsel to the acquiring and target party is credited with the dollar value and count of each transaction, and each transaction is credited only once.