Quick question on syndicate formation for IPOs

Quick question on syndicate formation for IPO: Once the issuer has chosen the bank that will act as the lead manager, how the decisions to invite co-managers/book runners to join the syndicate are made? is it the choice of the issuer or of the lead-manager? Or both? How is it determined? Same question for debt issues...

thanks in advance!

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Quick question on syndicate formation for IPOs

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