What is the difference between Book Running Manager and Lead Manager?

Book running manager vs lead manager

The terms book-running manager and lead manager are used interchangeably. The roles and responsibilities of a book-running manager and a lead manager are the same. They are both responsible for conducting and assisting the issuer in the IPO process.

Merchant bankers are generally referred to as Book Running Lead Managers (BRLM) in the case of mainline IPOs and as Lead Managers in the case of SME IPOs.

If there are multiple lead managers, one of them is a book-running lead manager and the others are lead managers. If an IPO has two book-running lead managers, they are referred to as "joint book-running lead managers".

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