Bookrunner

The lead investment bank responsible for managing and coordinating a securities offering, maintaining the order book, and allocating shares to investors. The bookrunner typically has the largest underwriting commitment and receives the highest fees.

Compound from 'book' (referring to the record of investor orders and allocations) and 'runner' (one who manages or operates). Term emerged in the 1980s as securities offerings became more complex and required sophisticated coordination systems.