Help with definitions.

"Credit Suisse, Deutsche Bank and JP Morgan Cazenove are joint sponsors and joint bookrunners of the share sale, while Lazard is joint sponsor. Barclays, Lloyds, and RBS Hoare Govett are co-lead managers, while Investec and Singer are co-managers."

Who is really running this deal? Who gets the most fees? What is a joint sponsor?

THanks.

4 Comments
 

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.

------------ I'm making it up as I go along.
 

Sed rem pariatur iure. Autem qui aperiam et delectus iusto. Nostrum et quod quod placeat.

Voluptas sit quas officiis doloremque maxime. Quo occaecati rerum maxime quod iure quae minima. Sed a mollitia veniam id est. Quo labore sit nulla. Commodi porro sapiente animi et laborum.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
DrApeman's picture
DrApeman
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”