Lead Underwriter

The Lead Underwriter is the primary investment bank or financial institution responsible for managing a securities offering—such as an IPO, FPO, or bond issuance. The Lead Underwriter coordinates due diligence, prepares regulatory filings, sets the offering price, builds the order book, and distributes the securities to investors. In large transactions, a Lead Underwriter may form a syndicate with other banks to share the risk and distribution responsibilities. In India, Lead Underwriters (also known as Book Running Lead Managers) must be registered with SEBI.