Cornerstone investors : a practice guide for Asian IPOs / Philippe Espinasse.

Includes bibliographies and index.

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 theUS 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.

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, and allocation of shares and other securities to these reference shareholders, and analyses why and how they make or break today's new listings across Asia's key markets. This essential guide-and the first of its kind-contains key information on the legal framework for cornerstone investors in Hong K.

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