Bookrunner

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What is the role of a Bookrunner in a financial transaction? 

The term Bookrunner is primarily used in capital markets transactions, whether in Debt capital markets (DCM), such as bond issuances or Equity capital markets (ECM), including Initial Public Offerings (IPOs), capital increases, convertible bond issuances.

When an issuer (e.g., a corporation) wishes to raise funds, it turns to one or more banks that structure the transaction, place the securities (shares or bonds) with investors and may underwrite the successful completion of the operation.

If several banks are involved, they form a syndicate, within which each member has a specific role — including that of Bookrunner.


The Bookrunner is one of the banks responsible for the placement of the securities issued.

1. Marketing the transaction, presenting the investment case and collecting purchase orders

2. Centralizing all orders, including those collected by the other syndicate banks and managing the order book

The placement period may last a few hours for a bond issuance, or several weeks for an IPO.

3. Advising the issuer on final pricing based on overall investor demand, book composition, market conditions and desired investor profile.

4. Allocating securities to investors, considering the size of each order, the strategic importance and quality of each investor.

The issuer’s objective is to guarantee a stable and balanced investor base, depending on the nature of the operation.

Examples of transactions where Societe Generale acted as Bookrunner

Examples of transactions where Societe Generale acted as Active Bookrunner