You are the CEO of “GottaHave!”, a maker of smart glasses that connect to device

You are the CEO of “GottaHave!”, a maker of smart glasses that connect to devices and allow users to see and communicate in virtual meetings without having to look at a phone or computer screen. The company has been growing rapidly and you are contemplating an IPO early next year. You plan to raise $500 million at around a $2 billion valuation. After a bake-off, you have narrowed the field to 4 banks that you are considering to lead the IPO. You are also considering having 2 of them joint-lead the IPO. Bank 1 is a bulge-bracket that has the best retail distribution and the most individual advisors, but their equity research is not considered great in your space. They don’t have as many deep relationships with institutional investors but you’re sure they have enough to get the deal done as they have done others. Their lead banker understood the product after you walked him through it but was not a true believer. Bank 2 is also a bulge bracket, but their retail distribution is sub-par. They have great relationships with institutional investors and decent equity research in your space. Their lead banker is very sharp but aloof, you always feel as if she’s talking down to you. Bank 3 is another bulge bracket with the best regarded equity analyst in your space. Their retail distribution and relationships with institutional investors is in between the other two. Their lead banker understood the product and went on about how great it was, but you got the impression that he bought it on the way to the meeting and only used it for about 5 minutes. Bank 4 is a boutique that has only led smaller IPO’s in the past, although they have been in a junior position on larger deals (co-manager, underwriter, etc.). They have no in-house retail distribution but work with a large syndicate of small firms around the world. They have relationships with most institutional investors, but not at the highest levels. Their equity research is well regarded in your space but might not be as widely distributed due to their size. Their lead banker has been using your product since the beta came out and seemed to know as much about “GottaHave!” as you do.
a. What are the pros and cons of Bank 1?
b. What are the pros and cons of Bank 2?
c. What are the pros and cons of Bank 3?
d. What are the pros and cons of Bank 4?
e. Which would you choose to lead your IPO? Solo or joint led?