Because most corporate offerings involve a large number of shares and a very large dollar amount, they will be offered through several underwriters known as the underwriting syndicate. The syndicate is a group of investment banks that have agreed to share the responsibility of marketing the issue. The managing underwriter, also known as the lead underwriter, leads the syndicate.
The syndicate may form a selling group in an effort to help market the issue. Members of the selling group have no underwriting responsibility and may only sell the shares to investors for a fee known as the selling concession.