Definition of 'Book Runner'
The main underwriter or lead manager in the issuance of new equity, debt or securities instruments. In investment banking, the book runner is the underwriting firm that "runs," or who is in charge, of the books. A large, leveraged buyout could involve multiple companies, and the book runner works with the other participating firms. Typically, one company takes the responsibility of "running" or handling the books, and the book runner is listed first among the other underwriters participating in the issuance. More than one book runner can manage a security issuance, in which case the involved parties are called "joint book runners."
Also called managing underwriter or syndicate manager.
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