Beruflich Dokumente
Kultur Dokumente
m
Y
Domestic / international
Company coverage
Debt / equity / new money / dividends Institutional presentations
Business value / investor demand Y Issue covered by book at price
@
mî
ead
Manager
Most junior member of the syndicate
Joint ead Do not underwrite the IPO
Manager No guaranteed fee
Selling Selling
Agent Agent
½
m
ead
Manager
2nd most junior member
Joint ead Underwrite a small percentage
Manager (c. of the IPO
small guaranteed fee
Role often offered to reflect existing
Co- ead Co- ead Co- ead Co- ead commercial relationships with the
Manager Manager Manager Manager issuer, e.g. lending banks
Selling Selling
Agent Agent
m
ead
Manager
Important player
Joint ead Underwrite a significant percentage
Manager (c.10-1 of the IPO
Write IPO research on the company
Guaranteed fee to reflect research
Co- ead Co- ead Co- ead Co-
Co-ead
ead efforts
Manager Manager Manager Manager
Manager Role offered to banks with a proven
track record for their research and
broking skills
Co Manager Co Manager Co Manager
A µvalue-adding¶ member of the
syndicate
Selling Selling
Agent Agent
£
m
ead
Manager
Key player
Joint ead Part of the decision-making process,
Manager giving advice alongside the ead
Manager, e.g. on timing, offer size
Underwrite a large percentage (c.@-
Co- ead Co- ead Co- ead Co- ead ½ of the IPO
Manager Manager Manager Manager Write IPO research on the company
Help organise company roadshow
Selling Selling
Agent Agent
-
m
ead
Manager
Most important syndicate member
Joint ead Manage the book of demand
Manager Co-ordinate junior syndicate
members
Underwrite the largest percentage
Co- ead Co- ead Co- ead Co- ead of the IPO
Manager Manager Manager Manager Write IPO research on the company
Organise company roadshow
Co Manager Co Manager Co Manager Also referred to as the µBookrunner¶
or µGlobal Coordinator¶
Selling Selling
Agent Agent
m
For the ead Manager only
Selling Selling
Agent Agent
î
m
î
ead
Manager
Difference between the price paid to
the issuer by the underwriter and the
Joint ead price paid by the purchaser of shares
Manager in the IPO
Fee split: 20 Management
Co- ead Co- ead Co- ead Co- ead 20 Underwriting
Manager Manager Manager Manager £0 Selling
Underwriting fees easy to split as
based on fact
Co Manager Co Manager Co Manager
Selling goes to ead Manager.
Selling Selling
Agent Agent
10
d !"
# $%
has to
disclose to SEBI
(i his responsibilities with regard to the
management of the issue,
(ii any change in the information/ particulars
previously furnished which have a bearing on
the certificate of registration granted to it,
(iii Names of the companies whose issues he
has managed or has been associated with
(iv the particulars relating to the breach of
capital adequacy requirements and
(v information relating to his activities as
manager, underwriter, consultant or advisor to
an issue.
|
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½ Information
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Details of
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the book demand graph
Electronic 2 Daily price and
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