# Bookrunner

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Underwriter in investment banking

In [investment banking](/source/Investment_banking), a **bookrunner** is usually the main [underwriter](/source/Underwriter) or lead-manager/arranger/coordinator in [equity](/source/Equity_(finance)), [debt](/source/Debt), or [hybrid securities](/source/Hybrid_security) issuances.[1] The bookrunner usually [syndicates](/source/Syndicate) with other [investment banks](/source/Investment_bank) in order to lower its [risk](/source/Risk). The bookrunner is listed first among all underwriters participating in the issuance. When more than one bookrunner manages a security issuance, the parties are referred to as "joint bookrunners",[2] or a "multi-bookrunner syndicate".[3][4]

The bank that runs the books is the closest one to the issuer and controls the allocations of [shares](/source/Share_(finance)) to investors, holding significant discretion in doing so, which places the bookrunner in a very favored position.[5][6]

## References

1. **[^](#cite_ref-1)** "[Book Runner](http://www.investopedia.com/terms/b/bookrunner.asp)", Investopedia.

1. **[^](#cite_ref-2)** ["Marfin enlists Deutsche, MS as cap increase bookrunners"](https://web.archive.org/web/20160305142053/http://uk.reuters.com/article/marfin-underwriters-idUKLR24676620081027). *Reuters*. 27 October 2008. Archived from [the original](https://uk.reuters.com/article/marfin-underwriters-idUKLR24676620081027) on March 5, 2016. Retrieved 19 December 2019.

1. **[^](#cite_ref-3)** Stowell, David P. (2010). [*An Introduction to Investment Banks, Hedge Funds, and Private Equity*](https://books.google.com/books?id=5G5pj7SRIwMC&dq=bookrunner&pg=PA42). Burlington, MA, San Diego, CA and London: Academic Press. p. 42. [ISBN](/source/ISBN_(identifier)) [978-0-08-092289-8](https://en.wikipedia.org/wiki/Special:BookSources/978-0-08-092289-8).

1. **[^](#cite_ref-4)** Espinasse, Philippe (2018). [*Cornerstone Investors: A Practice Guide for Asian IPOs*](https://books.google.com/books?id=2EpmDwAAQBAJ&dq=bookrunner&pg=PA67). Hong Kong: Hong Kong University Press. p. 67. [ISBN](/source/ISBN_(identifier)) [978-988-8455-84-3](https://en.wikipedia.org/wiki/Special:BookSources/978-988-8455-84-3).

1. **[^](#cite_ref-5)** Geddes, Ross (2003). [*IPOs and Equity Offerings*](https://books.google.com/books?id=OhF4P2dWJwoC&dq=bookrunner&pg=PA172). Elsevier Finance. Oxford, England and Burlington, MA: Elsevier. p. 172. [ISBN](/source/ISBN_(identifier)) [978-0-08-047878-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-08-047878-4).

1. **[^](#cite_ref-6)** Iannotta, Giuliano (2010). [*Investment Banking: A Guide to Underwriting and Advisory Services*](https://books.google.com/books?id=oGf-f6jIZvoC&dq=bookrunner&pg=PA70). Heidelberg, Dordrecht, London and New York: Springer Science & Business Media. p. 70. [ISBN](/source/ISBN_(identifier)) [978-3-540-93765-4](https://en.wikipedia.org/wiki/Special:BookSources/978-3-540-93765-4).

## External links

- [New Look mandate continues Credit Suisse run](http://www.efinancialnews.com/story/2010-02-02/new-look-mandate-continues-credit-suisse-run)

- [Qatari Diar appoints Qatar Islamic Bank as Initial Mandated Lead Arranger and Bookrunner for QAR 3.5 Billion Syndicated Islamic Facility](http://www.zawya.com/story.cfm/sidZAWYA20090909101403)

- [Bank of America Grabs Top Bookrunner Slot](https://web.archive.org/web/20100501162116/http://www.thestreet.com/story/10716767/bank-of-america-grabs-top-bookrunner-slot.html)

v t e Corporate finance and investment banking Capital structure Convertible debt Exchangeable debt Mezzanine debt Pari passu Preferred equity Second lien debt Senior debt Senior secured debt Shareholder loan Share capital Subordinated debt Warrant Transactions (terms/conditions) Equity offerings At-the-market offering Book building Bookrunner Bought deal Bought out deal Corporate spin-off Direct public offering Equity carve-out Follow-on offering Greenshoe Reverse Initial public offering Pre-IPO Private placement Public offering Rights issue Seasoned equity offering Secondary market offering Underwriting Mergers and acquisitions Buy side Contingent value rights Control premium Demerger Divestment Drag-along right Management due diligence Management entrenchment Mandatory offer Minority discount Pitch book Pre-emption right Proxy fight Post-merger integration Sell side Shareholder rights plan Special-purpose entity Special situation Squeeze-out Staggered board of directors Stock swap Supermajority amendment Synergy Tag-along right Takeover Reverse Tender offer Leverage Debt restructuring Debtor-in-possession financing Dividend recapitalization Financial sponsor Leveraged buyout Leveraged recapitalization High-yield debt Private equity Project finance Valuation Accretion/dilution analysis Adjusted present value Associate company Business valuation Conglomerate discount Cost of capital Weighted average Discounted cash flow Economic value added Enterprise value Fairness opinion Financial modeling Free cash flow Free cash flow to equity Market value added Minority interest Mismarking Modigliani–Miller theorem Net present value Pure play Real options Residual income Stock valuation Sum-of-the-parts analysis Tax shield Terminal value Valuation using multiples List of investment banks Outline of finance

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