Anchor speculators?

Companies allot shares to anchor or cornerstone investors ahead of their initial public offering (IPO) to instill confidence in them regarding public issue. These investors, typically mutual and pension funds, have to observe a 30-day lock-in from the date of allotment but are expected to hold shares much longer than that. However, lured by gains on recent listings, some anchor investors have exited their IPO investments, defying the rationale behind anchor investing. Fund manager Samir Arora took a jibe at such investors. "Sebi should come out with a new category for reservation in IPOs -anchor speculators," he tweeted.