The lead investment bank (or banks) managing an IPO's share allocation and pricing process, responsible for building the 'book' of investor demand during the roadshow. A deal can have several joint bookrunners; the lead bookrunner typically has the largest allocation and the most influence over final pricing.
The choice of bookrunner is itself a signal: bulge-bracket banks typically lead larger, higher-profile offerings, while smaller or regional banks more often lead smaller deals. Because bookrunners build the investor order book directly, their read on demand shapes whether a deal prices at the top, middle or bottom of its range — and whether it upsizes via the greenshoe option once trading begins.
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