Cornerstone investors generally commit to holding a significant stake for a set period, demonstrating their confidence in the shares.
WSJ: Asian Pay Television Poised to Raise $1.1 Billion in Singapore IPO
The cornerstone investors include insurance companies, long-only funds and hedge funds, the people said, but declined to name them.
Cornerstone investors commit to holding a significant stake for a certain length of time, demonstrating their confidence in the shares.
Cornerstone investors generally commit to holding relatively large stakes for a set time period, demonstrating their confidence in the shares.
The company has secured commitments from as many as nine cornerstone investors who took nearly a third of the shares on offer.
WSJ: Asian Pay Television Poised to Raise $1.1 Billion in Singapore IPO
The company is in talks to sell 30% to 40% of the offering to cornerstone investors, people familiar with the situation said earlier.
Cornerstone investors generally commit to hold large stakes for a set time, giving comfort to investors wary about a selloff after the company is listed.
People with knowledge of CVC's plans said in January that the firm was seeking cornerstone investors for the Matahari deal and that bankers had approached U.S. insurer American International Group Inc.
Cornerstone investors generally commit to holding large stakes for a set time period, demonstrating their confidence in the shares and comforting other investors who may fear that the shares will decline after the listing.
Still, Mike Taggart, an analyst at Morningstar, says he has received many emails from Cornerstone investors who believe that they are earning 20% yields and don't understand that these funds are simply giving them their own money back.
WSJ: The Intelligent Investor: Yields So High, They Can't Be for Real
At Cornerstone, investors are receiving "distribution yields" of roughly 22% of net asset value, and the shares trade for much more than the value of their underlying assets.
WSJ: The Intelligent Investor: Yields So High, They Can't Be for Real
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