Bookrunner

In an underwritten public offering. The issuer will appoint one or more of the underwriters participating in the offering and comprising the underwriting syndicate as the bookrunner. The bookrunner, which is usually the lead underwriter, has additional responsibilities relating to the book-building process (deciding on the allocation of orders, pricing, etc.). Other underwriters, referred to as co-managers, may take a more passive role. Often, some are referred to as passive or co-managers. The bookrunner may receive additional compensation.