Glossarytaught in M0.02
Anchor investor
Also called anchor book, anchor allocation.
An institutional investor allotted shares a day before a public offer opens, at a price within the band, with a lock-in on the shares received.
The anchor book serves two purposes. It signals institutional support to other investors, and it de-risks the issue for the sellers by placing a large block before the offer opens.
Names in the anchor list are disclosed, and they're worth reading. Long-only funds with a record of holding for years say something different from investors who have historically sold at the first opportunity.
Mark the date on which the lock-in expires. That's the day supply arrives.
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