How does the size of an issue affect the fees charged by underwriters?

Large issues have substantially larger direct costs and, thus, must charge a larger spread in order to be profitable for the underwriter.
		Large issues generally have a similar spread to small issues and thus attract much greater fees.
		Large issues have a reduced spread, which means that the total fees are generally the same as for smaller issues.
		Although large issues generally have a smaller spread, the large number of shares released means that the total fees are somewhat larger than for smaller issues.