Bookrunner
Definition
What is Bookrunner?
The lead bank responsible for managing investorA person or organisation that commits capital with the expectation of a financial return. orders and pricing in a securities offering.
Example in practice
How This Looks in Practice
The bookrunner builds the order bookA record of outstanding buy and sell orders arranged by price and often time priority. for a bond issue.
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Related Terms
Initial Public Offering
The first public sale of a private company's shares, after which the shares may trade on an exchange.
Equity Capital MarketsPrimary Offering
A sale of newly issued securities in which the issuer receives the proceeds.
Equity Capital MarketsSecondary Offering
A sale of existing securities by current holders, so the issuer generally does not receive the proceeds.
Corporate ActionsRights Issue
An offer allowing existing shareholders to buy additional shares, usually in proportion to their holdings.