Bookrunner

Investment Banking Glossary

Lead underwriter (also called bookrunning manager) that drives the IPO/equity offering: structures the deal, runs valuation, drafts the registration statement, manages the roadshow, prices the offering, and allocates shares to investors. Bookrunners sit at the top of the syndicate hierarchy (global coordinators / lead bookrunners rightarrow co-bookrunners rightarrow co-managers) and earn the largest share of the gross spread.

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