A study conducted by Morgan Creek Capital Management (full study below) compared the performances of IPOs that were either sole-led or joint-led by the transacting institutions. The study used data from VentureSource and included all U.S. VC-backed IPOs from Q1 2010 to approximately Q1 2013. Only IPOs launched on the NASDAQ and NYSE were included.
They find that IPOs that were sole-led tended to be more volatile and have had significantly lower performance. This may be one of the many reasons that companies have preferred the joint IPOs structure.
Morgan Creek on IPOs