This is the group of underwriters who have the responsibility for selling the IPO to the general public. A syndicate can consist of two managers for a small IPO and ten or more managers for a large multi-tranche offering. A syndicate might include underwriters who specialize in institutional business as well as retail-oriented firms. Syndicates once had a legitimate selling function. Today, the lead manager usually does most of the selling, supported by the other bookrunners. The co-managers just share in the risk of underwriting the IPO.