Banks are making strides as underwriters of initial public offerings, leading a record 16.7% of deals in the second quarter, Securities Data Co. reported.

The industry's advance from a 10.2% market share in the first quarter was fueled to a large extent by acquisitions. In the past year three big banking companies-Bankers Trust Corp., NationsBank Corp., and BankAmerica Corp.-have snapped up some of the top IPO firms.

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