{"id":17835,"date":"2026-06-12T09:18:31","date_gmt":"2026-06-12T09:18:31","guid":{"rendered":"https:\/\/navia.co.in\/blog\/?p=17835"},"modified":"2026-06-12T09:18:31","modified_gmt":"2026-06-12T09:18:31","slug":"what-does-a-book-running-lead-manager-do-for-an-ipo","status":"publish","type":"post","link":"https:\/\/navia.co.in\/blog\/what-does-a-book-running-lead-manager-do-for-an-ipo\/","title":{"rendered":"What Does a Book Running Lead Manager Do for an IPO?"},"content":{"rendered":"<ul><li><a class=\"aioseo-toc-item\" href=\"#aioseo-what-is-brlm-3\">What is BRLM?<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-stage-by-stage-responsibilities-of-the-brlm-6\">Stage-by-Stage Responsibilities of the BRLM<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-book-building-and-price-discovery-how-it-works-9\">Book Building and Price Discovery \u2014 How It Works<\/a><ul><li><a class=\"aioseo-toc-item\" href=\"#aioseo-hypothetical-book-building-demand-schedule-issue-size-2-5-crore-shares-12\">Hypothetical Book Building Demand Schedule (Issue Size: 2.5 crore shares)<\/a><\/li><\/ul><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-why-it-matters-in-an-ipo-15\">Why it Matters in an IPO?<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-sebi-regulatory-framework-brlms-legal-obligations-18\">SEBI Regulatory Framework \u2014 BRLM&#039;s Legal Obligations<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-what-the-brlm-does-6\">Why Should Retail Investors Care?<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-conclusion-21\">Conclusion<\/a><\/li><li><a class=\"aioseo-toc-item\" href=\"#aioseo-frequently-asked-questions-28\">Frequently Asked Questions<\/a><\/li><\/ul>\n\n\n<p class=\"wp-block-paragraph\">A <strong>book running lead manager<\/strong> is the main merchant banker that manages an <a href=\"https:\/\/navia.co.in\/ipo-account\" title=\"\">IPO<\/a> process from start to finish. If you are searching <strong>what is book running lead manager<\/strong> or <strong>what is book running lead manager in IPO<\/strong>, the simple answer is that this is the lead intermediary responsible for organizing the issue, coordinating with stakeholders, and guiding the public offering process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This role matters because IPOs involve pricing, marketing, regulatory steps, and allotment, all of which need coordination. This blog explains the role and responsibilities of a Book Running Lead Manager in an IPO.<\/p>\n\n\n\n<h2 id=\"aioseo-what-is-brlm-3\" class=\"wp-block-heading has-text-color has-link-color wp-elements-7c9c7a7f613cdf977465dbee366041ba\" style=\"color:#023368\">What is BRLM?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The BRLM is also called the lead manager or bookrunner in many IPO contexts. In India, merchant bankers often act as Book Running Lead Managers for mainboard IPOs, while smaller issues may use lead managers in a similar capacity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In simple words, the <strong>book running lead manager <\/strong>helps the company bring its shares to market in an orderly way. The role connects the issuer, investors, regulators, and other intermediaries throughout the issue process.<\/p>\n\n\n\n<h2 id=\"aioseo-stage-by-stage-responsibilities-of-the-brlm-6\" class=\"wp-block-heading has-text-color has-link-color wp-elements-085645c6b9c049b5596c96c507c18286\" style=\"color:#023368\"><strong>Stage-by-Stage Responsibilities of the BRLM\u00a0<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The BRLM&#8217;s work begins well before the IPO opens and continues beyond the listing date. The table below maps each IPO stage to the BRLM&#8217;s specific responsibilities.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>IPO Stage<\/th><th>BRLM Responsibility<\/th><th>Who Executes<\/th><\/tr><\/thead><tbody><tr><td>Pre-Filing&nbsp;<\/td><td>Due diligence on the issuer&#8217;s financials, business model, and legal history&nbsp;<\/td><td>Merchant Banker (BRLM)&nbsp;<\/td><\/tr><tr><td>Pre-Filing&nbsp;<\/td><td>Drafting and filing the Draft Red Herring Prospectus (DRHP) with SEBI&nbsp;<\/td><td>BRLM + Legal Counsel&nbsp;<\/td><\/tr><tr><td>Pre-Filing&nbsp;<\/td><td>Appointing intermediaries: registrar, bankers, escrow agents, syndicate members&nbsp;<\/td><td>BRLM&nbsp;<\/td><\/tr><tr><td>SEBI Review&nbsp;<\/td><td>Responding to SEBI observations and incorporating changes into the prospectus&nbsp;<\/td><td>BRLM + Legal Counsel&nbsp;<\/td><\/tr><tr><td>Pre-IPO Marketing&nbsp;<\/td><td>Conducting the roadshow and Anchor Investor allocation (1 day before IPO opens)&nbsp;<\/td><td>BRLM&nbsp;<\/td><\/tr><tr><td>IPO Open Period&nbsp;<\/td><td>Running the book-building process; collecting bids via stock exchange platform&nbsp;<\/td><td>BRLM + Syndicate Banks&nbsp;<\/td><\/tr><tr><td>IPO Open Period&nbsp;<\/td><td>Monitoring subscription levels across categories (QIB, NII, RII) in real time&nbsp;<\/td><td>BRLM&nbsp;<\/td><\/tr><tr><td>Post-Close&nbsp;<\/td><td>Finalising&nbsp;the issue price (cut-off price) based on demand at each price level&nbsp;<\/td><td>BRLM + Issuer&nbsp;<\/td><\/tr><tr><td>Post-Close&nbsp;<\/td><td>Coordinating allotment with the registrar; managing oversubscription and refunds&nbsp;<\/td><td>BRLM + Registrar&nbsp;<\/td><\/tr><tr><td>Listing&nbsp;<\/td><td>Coordinating with stock exchanges (NSE\/BSE) for listing approval and trading start&nbsp;<\/td><td>BRLM + Exchange&nbsp;<\/td><\/tr><tr><td>Post-Listing&nbsp;<\/td><td>Stabilisation&nbsp;(if green shoe option exists):&nbsp;undertaking permitted price stabilization activities&nbsp;in accordance with&nbsp;applicable regulations, where a green shoe option is available.&nbsp;<\/td><td>Stabilising&nbsp;Agent (BRLM)&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"aioseo-book-building-and-price-discovery-how-it-works-9\" class=\"wp-block-heading has-text-color has-link-color wp-elements-2fb33af40505a2843511d03c55f55626\" style=\"color:#023368\">Book Building and Price Discovery \u2014 How It Works<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Book building is the process by which the BRLM collects bids from investors across a price band to determine the final issue price (cut-off price). It is a demand-aggregation mechanism, not a guaranteed price-setting tool.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI mandates that the cap price cannot exceed 120% of the floor price. For example, a floor of Rs. 490 allows a cap of at most Rs. 588. Investors can bid at any price within the band or at &#8216;cut-off,&#8217; which means they accept whatever price is finally determined.<\/p>\n\n\n\n<h3 id=\"aioseo-hypothetical-book-building-demand-schedule-issue-size-2-5-crore-shares-12\" class=\"wp-block-heading has-text-color has-link-color wp-elements-a8623871af6a9137af69d6813a121969\" style=\"color:#ec4d37\">Hypothetical Book Building Demand Schedule (Issue Size: 2.5 crore shares)<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Bid Price<\/strong>\u00a0<\/th><th>Bids at This Price<\/th><th>Cumulative Bids\u00a0<\/th><th><strong>Subscription<\/strong>\u00a0<\/th><th><strong>Status<\/strong>\u00a0<\/th><\/tr><\/thead><tbody><tr><td>Rs. 490&nbsp;<\/td><td>12,00,000&nbsp;<\/td><td>12,00,000&nbsp;<\/td><td>0.48x&nbsp;<\/td><td>Below cut-off&nbsp;<\/td><\/tr><tr><td>Rs. 495&nbsp;<\/td><td>28,00,000&nbsp;<\/td><td>40,00,000&nbsp;<\/td><td>1.60x&nbsp;<\/td><td>Below cut-off&nbsp;<\/td><\/tr><tr><td>Rs. 500&nbsp;<\/td><td>45,00,000&nbsp;<\/td><td>85,00,000&nbsp;<\/td><td>3.40x&nbsp;<\/td><td>CUT-OFF PRICE&nbsp;<\/td><\/tr><tr><td>Rs. 505&nbsp;<\/td><td>30,00,000&nbsp;<\/td><td>1,15,00,000&nbsp;<\/td><td>4.60x&nbsp;<\/td><td>Above cut-off&nbsp;<\/td><\/tr><tr><td>Rs. 510&nbsp;<\/td><td>18,00,000&nbsp;<\/td><td>1,33,00,000&nbsp;<\/td><td>5.32x&nbsp;<\/td><td>Above cut-off&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Reading the table: The cut-off price of Rs. 500 is the lowest price at which the cumulative demand (8.5 crore bids) meets or exceeds the issue size (2.5 crore shares), achieving 3.4x subscription. Eligible applicants who bid at or above the final issue price may be considered for allotment, subject to applicable allotment rules and oversubscription levels.<\/p>\n\n\n\n<h2 id=\"aioseo-why-it-matters-in-an-ipo-15\" class=\"wp-block-heading has-text-color has-link-color wp-elements-284cc452e277295c6edcf3b15f476d61\" style=\"color:#023368\">Why it Matters in an IPO?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The BRLM plays a central role because an IPO is not just a share of sale; it is a structured market event. The manager helps ensure that documents, pricing, marketing, and distribution are handled properly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is one reason the term what is book running lead manager in IPO is so important for retail readers. It helps explain who is coordinating the issue and why the issue process is more than just a listing announcement.<\/p>\n\n\n\n<h2 id=\"aioseo-sebi-regulatory-framework-brlms-legal-obligations-18\" class=\"wp-block-heading has-text-color has-link-color wp-elements-8de7aac5b4698a6fd65a20a169cf33e7\" style=\"color:#023368\">SEBI Regulatory Framework \u2014 BRLM&#8217;s Legal Obligations<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Obligation<\/th><th>SEBI Regulation \/ Circular<\/th><th>What the BRLM Must Do<\/th><\/tr><\/thead><tbody><tr><td>DRHP Filing&nbsp;<\/td><td>SEBI (ICDR) Regulations, 2018 \u2014 Reg. 26&nbsp;<\/td><td>File DRHP; ensure 21-day public comment period&nbsp;<\/td><\/tr><tr><td>Due Diligence Certificate&nbsp;<\/td><td>SEBI Circular CIR\/CFD\/DIL\/7\/2015&nbsp;<\/td><td>BRLM must certify accuracy of disclosures in DRHP&nbsp;<\/td><\/tr><tr><td>Anchor Investor Allotment&nbsp;<\/td><td>SEBI ICDR Reg. 30&nbsp;<\/td><td>Lock-in&nbsp;30 days&nbsp;for 50% allotted to anchors;&nbsp;90 days&nbsp;for&nbsp;remaining&nbsp;50%&nbsp;<\/td><\/tr><tr><td>Minimum Subscription&nbsp;<\/td><td>Companies Act, 2013 \u2014 Section 39&nbsp;<\/td><td>If 90%&nbsp;minimum&nbsp;subscription not met, all funds must be refunded within&nbsp;15 days&nbsp;<\/td><\/tr><tr><td>Listing Timeline&nbsp;<\/td><td>SEBI Circular \u2014 T+6 Listing&nbsp;<\/td><td>IPO must list within 6 working days of issue close (T+6)&nbsp;<\/td><\/tr><tr><td>Post-Issue Report&nbsp;<\/td><td>SEBI ICDR Reg. 80&nbsp;<\/td><td>BRLM must file a post-issue monitoring report within 3 days of allotment&nbsp;<\/td><\/tr><tr><td>Green Shoe Option&nbsp;<\/td><td>SEBI ICDR Reg. 43&nbsp;<\/td><td>Stabilizing&nbsp;agent (BRLM) may over-allot up to 15% of issue size for price&nbsp;stabilization&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"aioseo-what-the-brlm-does-6\" class=\"wp-block-heading has-text-color has-link-color wp-elements-84e150d3cec8c6db57bd27951c2739b3\" style=\"color:#023368\">Why Should Retail Investors Care?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Retail investors may not directly interact with the BRLM every day, but the BRLM affects what they see in the IPO documents and how the issue is presented. The issue structure, price band, and bidding process are coordinated with the involvement of the BRLM.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That is why understanding <strong>what is book running lead manager<\/strong> can help investors better understand IPO documentation and issue structure. It helps you know who is guiding the process and where to look when reviewing an IPO offer.<\/p>\n\n\n\n<h2 id=\"aioseo-conclusion-21\" class=\"wp-block-heading has-text-color has-link-color wp-elements-697de2de57e5780d34d61ef2d8513782\" style=\"color:#023368\"><strong>Conclusion<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>book running lead manager&nbsp;<\/strong>is the key intermediary that helps manage an&nbsp;IPO&nbsp;from planning to pricing and allotment. If you were asking&nbsp;<strong>what&nbsp;is book&nbsp;running lead manager<\/strong>&nbsp;or&nbsp;<strong>what is book running lead manager in&nbsp;IPO<\/strong>, the short answer is that this person or institution coordinates the public issue and helps the company reach the market in a structured way.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For IPO readers, understanding the BRLM adds clarity to the\u00a0whole process. It is an important part of the IPO framework, but it should always be viewed as one piece of the analysis rather than a reason to\u00a0invest.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Do You Find This Interesting?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-8f761849 wp-block-group-is-layout-flex\">\n<p class=\"wp-block-paragraph\">We\u2019d Love to Hear from you-<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/form.typeform.com\/to\/bpQ8ZlDc\"><img decoding=\"async\" width=\"300\" height=\"64\" src=\"https:\/\/navia.co.in\/blog\/wp-content\/uploads\/2025\/02\/Yes-No-Button-1.png\" alt=\"feedback yes or no button\" class=\"wp-image-8901\" srcset=\"https:\/\/navia.co.in\/blog\/wp-content\/uploads\/2025\/02\/Yes-No-Button-1.png 300w, https:\/\/navia.co.in\/blog\/wp-content\/uploads\/2025\/02\/Yes-No-Button-1-150x32.png 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n\n<h2 id=\"aioseo-frequently-asked-questions-28\" class=\"wp-block-heading has-text-color has-link-color wp-elements-100ebcbfd6960ffe30b189699b3334a9\" style=\"color:#023368\"><strong>Frequently Asked Questions<\/strong>\u00a0<\/h2>\n\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-247ea069-dcc8-4e1f-b024-d739ce093ccf\" data-mobilecollapse=\"true\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #f1f1f1; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #f1f1f1;\" aria-controls=\"ub-content-toggle-panel-0-247ea069-dcc8-4e1f-b024-d739ce093ccf\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-247ea069-dcc8-4e1f-b024-d739ce093ccf\" style=\"color: #000000; \"><strong>What is a book running lead manager?<\/strong>\u00a0<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #000000;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-247ea069-dcc8-4e1f-b024-d739ce093ccf\">\n\n<p class=\"wp-block-paragraph\">It is the main merchant banker or bookrunner that manages the IPO process.\u00a0<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-038de5d7-31f5-4561-9d7d-ef9db0251e47\" data-mobilecollapse=\"true\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #f1f1f1; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #f1f1f1;\" aria-controls=\"ub-content-toggle-panel-0-038de5d7-31f5-4561-9d7d-ef9db0251e47\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-038de5d7-31f5-4561-9d7d-ef9db0251e47\" style=\"color: #000000; \"><strong>What is book running lead manager in IPO?<\/strong><\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #000000;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-038de5d7-31f5-4561-9d7d-ef9db0251e47\">\n\n<p class=\"wp-block-paragraph\">It is the lead intermediary that handles the IPO structure, pricing process, coordination, and investor demand collection.\u00a0<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-78bbea33-4b87-4dfe-8b8c-e704190ef34a\" data-mobilecollapse=\"true\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #f1f1f1; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #f1f1f1;\" aria-controls=\"ub-content-toggle-panel-0-78bbea33-4b87-4dfe-8b8c-e704190ef34a\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-78bbea33-4b87-4dfe-8b8c-e704190ef34a\" style=\"color: #000000; \"><strong>What does the BRLM do?<\/strong>\u00a0<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #000000;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-78bbea33-4b87-4dfe-8b8c-e704190ef34a\">\n\n<p class=\"wp-block-paragraph\">It helps with book building, pricing, documentation, marketing, and coordination with other parties.\u00a0<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-c38cb675-9b69-4673-a5a8-5f683c206297\" data-mobilecollapse=\"true\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #f1f1f1; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #f1f1f1;\" aria-controls=\"ub-content-toggle-panel-0-c38cb675-9b69-4673-a5a8-5f683c206297\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-c38cb675-9b69-4673-a5a8-5f683c206297\" style=\"color: #000000; \"><strong>Can an IPO have more than one BRLM?<\/strong>\u00a0<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #000000;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-c38cb675-9b69-4673-a5a8-5f683c206297\">\n\n<p class=\"wp-block-paragraph\">Yes. Some issues have joint book-running lead managers.\u00a0<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-da21a259-8c2e-4ea8-99c0-d31451c4e7b2\" data-mobilecollapse=\"true\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #f1f1f1; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #f1f1f1;\" aria-controls=\"ub-content-toggle-panel-0-da21a259-8c2e-4ea8-99c0-d31451c4e7b2\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-da21a259-8c2e-4ea8-99c0-d31451c4e7b2\" style=\"color: #000000; \"><strong>Why should retail investors know about BRLM?<\/strong>\u00a0<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #000000;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-da21a259-8c2e-4ea8-99c0-d31451c4e7b2\">\n\n<p class=\"wp-block-paragraph\">Because the BRLM shapes the IPO process and helps frame the pricing and bidding\u00a0structure,\u00a0investors see.\u00a0<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>DISCLAIMER:<\/strong>\u00a0<strong>Investment in securities market are subject to market risks, read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Full disclaimer:\u00a0<a href=\"https:\/\/bit.ly\/naviadisclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/bit.ly\/naviadisclaimer<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A book running lead manager is the main merchant banker that manages an IPO process from start to finish. If you are searching what is book running lead manager or what is book running lead manager in IPO, the simple answer is that this is the lead intermediary responsible for organizing the issue, coordinating with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[205],"tags":[1142,1143,11,7,21,22,50,53],"class_list":["post-17835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-investments","tag-book-running-lead-manager","tag-brlm","tag-financial-goals","tag-indian-stock-markets","tag-investments","tag-investor","tag-ipo","tag-marketperformance"],"featured_image_src":"https:\/\/navia.co.in\/blog\/wp-content\/uploads\/2026\/06\/Untitled-1.png","author_info":{"display_name":"Navia Markets","author_link":"https:\/\/navia.co.in\/blog\/author\/tradeplusonline\/"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/posts\/17835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/comments?post=17835"}],"version-history":[{"count":3,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/posts\/17835\/revisions"}],"predecessor-version":[{"id":17842,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/posts\/17835\/revisions\/17842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/media\/17841"}],"wp:attachment":[{"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/media?parent=17835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/categories?post=17835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/navia.co.in\/blog\/wp-json\/wp\/v2\/tags?post=17835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}