Help with definitions.

Bookrunners

ripped this from dosk17

Mergers and Inquisitionsthere are really 2 roles for banks in an IPO: book runner and co-manager.

Book runners do most of the work, get the majority of investors, and collect the largest fees, while the co-managers are proportionately less involved and get lower fees. At the book runner level, analysts will develop sales force memos that will highlight selling points and risks for the client’s security.

Most bulge bracket banks will only be involved with IPOs if they serve as book runners, while boutiques and middle market banks fulfill the co-manager role.

so when they say "co-lead" underwriter/manager/agent...are they referring to being a book runner?