AirAsia X Bhd, banking on retail participation to boost the take-up of its impending initial public offerings (IPO), will not have cornerstone investors.
Bankers familiar with the listing said this will be one of the few large offerings without cornerstone investors.
Besides offering what is to be the largest retail proposal allowed by the Securities Commission (SC) to date, AirAsia X Bhd, is set to create another milestone in the history of the country's IPOs as it does away with conventional cornerstone investors.
Due to overwhelming response from retail investors, a senior executive familiar with the process said the long-haul budget airline is not looking for conerstone investors for its IPO on July 10.-The Edge.
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