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Cornerstone investors : a practice guide for Asian IPOs /
In this ground-breaking guide, former investment banker Philippe Espinasse explains the process of gathering cornerstone investors in connection with IPOs and other equity offerings. Using his trademark simple and jargon-free language, he details the targeting strategies, documentation, marketing, a...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hong Kong :
Hong Kong University Press,
[2018]
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Intro; Contents; Introduction; Part 1: Key parameters; 1.1 What are cornerstone investors?; 1.2 From early beginnings in Europe to three key Asian jurisdictions today; 1.3 Cornerstone tranches or corporate placings?; 1.4 Differences with pre-IPO investors; 1.5 Types of cornerstone investors and the US option; 1.6 Individual subscription amounts; 1.7 How many cornerstones are in an IPO?; 1.8 Tranche sizes and the question of liquidity; 1.9 What cornerstones bring to IPOs; 1.10 What is in it for the cornerstones?; 1.11 Obligations of cornerstone investors.
- 1.12 Anchor investors: Cornerstone investors by another name?Part 2: The legal framework; 2.1 Hong Kong; 2.2 Malaysia; 2.3 Singapore; Part 3: How the process works in practice; 3.1 Defining the equity story; 3.2 The initial approach; 3.3 Targeting potential cornerstones; 3.4 Drawbacks of a 'free-for-all' approach; 3.5 Cornerstone marketing and multi-bookrunner syndicates; 3.6 The bookrunner script; 3.7 The non-disclosure agreement (NDA); 3.8 What happens after the NDA has been signed; 3.9 Firming up the bids; 3.10 The subscription agreement; 3.11 Finalizing the allocations and settlement.
- Part 4: Issues associated with cornerstone investors4.1 Ethics; 4.2 Cornerstone investors: A way around market forces?; 4.3 Disclosure; 4.4 The lock-up requirement; 4.5 Recent developments; Conclusion; Appendix 1. Recent examples of cornerstone tranches in Hong Kong; Appendix 2. Older examples of cornerstone tranches in Hong Kong; Appendix 3. Recent examples of cornerstone tranches in Malaysia; Appendix 4. Recent examples of cornerstone tranches in Singapore; Appendix 5. Sample script for an initial approach to potential cornerstone investors by bookrunner banks.
- Appendix 6. Example of a non-disclosure agreement for potential cornerstone investorsAppendix 7. Example of an international cornerstone subscription agreement; Appendix 8. Selected profiles of cornerstone investors; Appendix 9. Target list of potential cornerstone investors (by jurisdiction); Glossary; About the author; Index.