IPO University

Lead Manager

Also called the lead left or lead bookrunner, this is the underwriter who has ultimate control of the offering. The names of the managers appear on the bottom of the front page of the prospectus, with the lead manager's name in the uppermost left. The lead manager manages all aspects of the offering, from how many shares of stock the co-managers get to sell, to the timing of the roadshow, to the ultimate pricing of the deal.