Book running lead manager (BRLM) in Indian IPOs

Mon, 11 May 2026 00:00:00 +0000

A book running lead manager (BRLM), also referred to as a lead manager or book runner, is a SEBI-registered merchant banker appointed by an issuer to manage the preparation, filing, marketing, and execution of a book-built public offer of securities in India. The BRLM is the central co-ordinating intermediary in an Initial Public Offering (IPO): it prepares the Draft Red Herring Prospectus (DRHP) and the Red Herring Prospectus (RHP), interfaces with SEBI during the regulatory review, manages the investor roadshow, co-ordinates with the registrar, the exchanges, and the sponsor banks, recommends the final issue price to the issuer’s board after the book-building process concludes, and files the final prospectus. Larger issues commonly appoint multiple BRLMs, in which case one or more are designated as “global co-ordinators” or “book running lead managers” and the others as “co-book running lead managers” or “co-managers”, with their respective responsibilities delineated in the inter-se allocation agreement.

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Book running lead manager (BRLM) in Indian IPOs