Source: http://www.wallstreetoasis.com/forums/ipo-underwriter-vs-bookrunner-vs-lead-manager#comment-191894
Underwriters include all of the banks that sell the IPO shares to institutions. Typically underwriters are segregated into bookrunners and co-managers. Bookrunners do the majority of the work and collect the largest % of fees. Co-managers play a more passive role in the deal execution but usually initiate research coverage on the company afterwards.
Some equity deals will add additional titles and responsibilities to these roles so that fees are split a certain way or so one bank gets more promotional credit. I think this is what a "global coordinator" is: just a way for the lead bookrunner to further separate themselves from the others. Probably means that bank will coordinate all of the roadshow, lead discussions with the company, etc.
No comments:
Post a Comment