An underwriter and book running lead managers play a crucial role in the success of the IPO. Apart from these entities, IPOs also have co managers who play an important role. The meaning of co-managers is given below.
The majority of IPOs have an underwriter and a Book Running Lead Manager (BRLM). The BRLM is in charge of leading the IPO and getting investors while co-managers have limited scope and are not part of the lead managers. They are in charge of specific investor classes and are capable to contribute additional research and outreach for the IPO. As they are awarded limited allocation in the IPO, they have lower fees as compared to the BRLM or the underwriters.