diff --git a/build.js b/build.js
index a03000201..2393a9352 100755
--- a/build.js
+++ b/build.js
@@ -285,10 +285,14 @@
       '    lodash mobile        Build with IE < 9 bug fixes & method compilation removed',
       '    lodash strict        Build with `_.bindAll`, `_.defaults`, & `_.extend` in strict mode',
       '    lodash underscore    Build with only methods included in Underscore without iteration fixes',
-      '    lodash category=...  Comma separated categories of methods to include in the build',
       '    lodash exclude=...   Comma separated names of methods to exclude from the build',
-      '    lodash exports=...   Comma separated names of ways to export the `LoDash` function',
       '    lodash include=...   Comma separated names of methods to include in the build',
+      '    lodash category=...  Comma separated categories of methods to include in the build',
+      '                         (i.e. “arrays”, “chaining”, “collections”, “functions”, “objects”, and “utilities”)',
+      '    lodash exports=...   Comma separated names of ways to export the `LoDash` function',
+      '                         (i.e. “amd”, “commonjs”, “global”, “node”, and “none”)',
+      '    lodash iife=...      Code to replace the immediately-invoked function expression that wraps Lo-Dash',
+      '                         (e.g. “!function(window,undefined){%output%}(this)”)',
       '',
       '    All arguments, except `exclude` with `include` & `legacy` with `csp`/`mobile`,',
       '    may be combined.',
@@ -674,7 +678,7 @@
     // used to report invalid command-line arguments
     var invalidArgs = _.reject(options.slice(options[0] == 'node' ? 2 : 0), function(value, index, options) {
       if (/^(?:-o|--output)$/.test(options[index - 1]) ||
-          /^(?:category|exclude|exports|include)=.*$/.test(value)) {
+          /^(?:category|exclude|exports|iife|include)=.*$/.test(value)) {
         return true;
       }
       return [
@@ -786,6 +790,11 @@
       return pair[1];
     }, '');
 
+    // used to specify a custom IIFE to wrap Lo-Dash
+    var iife = options.reduce(function(result, value) {
+      return result || (result = value.match(/^iife=(.*)$/)) && result[1];
+    }, '');
+
     // load customized Lo-Dash module
     var lodash = (function() {
       var context = vm.createContext({
@@ -1161,7 +1170,7 @@
 
     /*------------------------------------------------------------------------*/
 
-    // customize how the `LoDash` function is exported
+    // customize Lo-Dash's export bootstrap
     if (exportsOptions.indexOf('amd') == -1) {
       source = source.replace(/(?: *\/\/.*\n)*( +)if *\(typeof +define[\s\S]+?else /, '$1');
     }
@@ -1180,6 +1189,21 @@
 
     /*------------------------------------------------------------------------*/
 
+    // customize Lo-Dash's IIFE
+    (function() {
+      if (iife) {
+        var token = '%output%',
+            index = iife.indexOf(token);
+
+        source = source.match(/\/\*![\s\S]+?\*\/\n/) +
+          iife.slice(0, index) +
+          source.replace(/^[^(]+?\(function[^{]+?{|}\(this\)\)[;\s]*$/g, '') +
+          iife.slice(index + token.length);
+      }
+    }());
+
+    /*------------------------------------------------------------------------*/
+
     // modify/remove references to removed methods/variables
     if (isRemoved(source, 'isArguments')) {
       source = replaceVar(source, 'noArgsClass', 'false');
@@ -1269,7 +1293,7 @@
     /*------------------------------------------------------------------------*/
 
     // used to specify creating a custom build
-    var isCustom = !_.isEqual(exportsOptions, exportsAll) || filterType || isBackbone || isLegacy || isMobile || isStrict || isUnderscore;
+    var isCustom = !_.isEqual(exportsOptions, exportsAll) || filterType || iife || isBackbone || isLegacy || isMobile || isStrict || isUnderscore;
 
     // used to specify the output path for builds
     var outputPath = options.reduce(function(result, value, index) {
diff --git a/test/test-build.js b/test/test-build.js
index 96ccbf165..4ff47b471 100644
--- a/test/test-build.js
+++ b/test/test-build.js
@@ -585,7 +585,8 @@
       'exports=amd',
       'exports=commonjs',
       'exports=global',
-      'exports=node'
+      'exports=node',
+      'exports=none'
     ];
 
     commands.forEach(function(command, index) {
@@ -626,6 +627,11 @@
               vm.runInContext(source, context);
               ok(context._ === undefined, basename);
               ok(_.isFunction(context.module.exports), basename);
+              break;
+
+            case 4:
+              vm.runInContext(source, context);
+              ok(context._ === undefined, basename);
           }
           start();
         });
@@ -635,6 +641,30 @@
 
   /*--------------------------------------------------------------------------*/
 
+  QUnit.module('iife command');
+
+  (function() {
+    var start = _.after(2, _.once(QUnit.start));
+
+    asyncTest('`lodash iife=...`', function() {
+      build(['-s', 'iife=!function(window,undefined){%output%}(this)'], function(source, filepath) {
+        var basename = path.basename(filepath, '.js'),
+            context = createContext();
+
+        try {
+          vm.runInContext(source, context);
+        } catch(e) { }
+
+        var lodash = context._ || {};
+        ok(_.isString(lodash.VERSION), basename);
+        ok(/!function/.test(source), basename);
+        start();
+      });
+    });
+  }());
+
+  /*--------------------------------------------------------------------------*/
+
   QUnit.module('output options');
 
   (function() {
@@ -676,7 +706,7 @@
   (function() {
     var start = _.once(QUnit.start);
 
-    asyncTest('`minify underscore.js`', function() {
+    asyncTest('`node minify underscore.js`', function() {
       var source = fs.readFileSync(path.join(__dirname, '..', 'vendor', 'underscore', 'underscore.js'), 'utf8');
       minify(source, {
         'silent': true,