DSE sub-committee approves listing of 2nd NRB mutual fund
FE Report | Monday, 21 July 2008
The ICB AMCL Second NRB Mutual Fund, the close-end mutual fund Sunday got primary approval to be listed on the Dhaka Stock Exchange (DSE).
The listing sub-committee of the Dhaka Stock Exchange (DSE), in a meeting on the day gave the primary approval of listing of the mutual fund, the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market, said a DSE source.
The DSE in its next board meeting will give the final approval on the listing and also fix the debut trading date of the issue.
The close-end mutual fund was oversubscribed by 15.5 times of the 2 (two) million shares on offer for resident Bangladeshis and three times of the 6 (six) million shares for Non Resident Bangladeshis (NRBs).
It received bids worth Tk 3.10 billion or 15.5 times of the 2 million shares on offer for resident Bangladeshis and Tk 1.80 billion or three times of the 6 million shares for NRBs, according to Investment Corporation of Bangladesh (ICB).
Of the total size, 60 per cent of the units have been reserved for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
Subscription of the Tk 1.0 billion Mutual Fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the Non-Resident Bangladeshis (NRBs) remained open from May 15 to June 7.
The state-owned ICB is the trustee and custodian of the IPO with the face value Tk 100 per share.
ICB Capital Management is the sponsor while ICB Asset Management Company Ltd (AMCL) is the manager to the issue.
This will be the 15th mutual fund to be traded in the country's stock market.
Currently, a total of 14 mutual funds are listed on the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each.
The total issued capital of the mutual funds is worth Tk 866 million only with the total volume of 190.27 million shares.
The 14 mutual funds got listed between the period of 1980 and 2007.
Earlier, Grameen One was the largest mutual fund with Tk 170 million worth of units and Shahjalal Islami Bank was the largest IPO worth Tk 935.82 million.
The listing sub-committee of the Dhaka Stock Exchange (DSE), in a meeting on the day gave the primary approval of listing of the mutual fund, the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market, said a DSE source.
The DSE in its next board meeting will give the final approval on the listing and also fix the debut trading date of the issue.
The close-end mutual fund was oversubscribed by 15.5 times of the 2 (two) million shares on offer for resident Bangladeshis and three times of the 6 (six) million shares for Non Resident Bangladeshis (NRBs).
It received bids worth Tk 3.10 billion or 15.5 times of the 2 million shares on offer for resident Bangladeshis and Tk 1.80 billion or three times of the 6 million shares for NRBs, according to Investment Corporation of Bangladesh (ICB).
Of the total size, 60 per cent of the units have been reserved for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
Subscription of the Tk 1.0 billion Mutual Fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the Non-Resident Bangladeshis (NRBs) remained open from May 15 to June 7.
The state-owned ICB is the trustee and custodian of the IPO with the face value Tk 100 per share.
ICB Capital Management is the sponsor while ICB Asset Management Company Ltd (AMCL) is the manager to the issue.
This will be the 15th mutual fund to be traded in the country's stock market.
Currently, a total of 14 mutual funds are listed on the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each.
The total issued capital of the mutual funds is worth Tk 866 million only with the total volume of 190.27 million shares.
The 14 mutual funds got listed between the period of 1980 and 2007.
Earlier, Grameen One was the largest mutual fund with Tk 170 million worth of units and Shahjalal Islami Bank was the largest IPO worth Tk 935.82 million.