Grameen One: Scheme Two IPO lottery Thursday likely
FE Report | Tuesday, 12 August 2008
Lottery for share allotment of the Grameen One: Scheme Two, the second scheme of Grameen Mutual Fund One, will be held Thursday, subject to the approval of Securities and Exchange Commission (SEC), officials said Monday.
The largest initial public offering (IPO) of the close-end mutual fund worth Tk 1.25 billion was oversubscribed by nearly 18 times of 15,341,000 units of Tk10 each valuing Tk 153.41 million.
Of the total size, units of Tk 15.34 million of total public offering was reserved for non-resident Bangladeshis (NRB), units of Tk 15.34 million for mutual funds and the remaining units of Tk 122.73 million for the general public.
The lottery of the Grameen Two IPO is scheduled to be held at the BIAM Foundation Auditorium in the city at 10:30am.
The Scheme received bids worth about Tk2.73 billion or 17.75 times, including about 9.4 times from the NRBs and over 12.2 times from the Mutual Fund.
Earlier, the Fund allocated another Tk166.59 million worth of units through entitlement under private placement to all its existing unit holders.
Grameen Fund is the Trustee and Standard Chartered Bank is the Custodian of the mutual fund.
AIMS of Bangladesh Limited, working as the investment manager of the scheme, has already submitted applications for holding lottery to the SEC.
The Scheme would be the largest listed mutual fund in the country, expecting commencement of trading at the stock exchanges by the end of this month (August).
Subscription of the mutual fund began on June 30 and continued until July 14 for resident Bangladeshis. But subscription for the NRBs remained open upto July 23.
This will be the 16th mutual fund to be traded in the country's stock market.
Currently, a total of 15 mutual funds are listed on the stock exchanges. Of them, Investment Corporation of Bangladesh (ICB) and its subsidiaries have floated 12 mutual funds while Bangladesh Shilpa Rin Sangstha (BSRS) and private sector companies AIMS and Grameen have one such fund each.
Earlier, ICB AMCL Second NRB Mutual Fund was the largest mutual fund with Tk 1.00 billion worth of units.
The largest initial public offering (IPO) of the close-end mutual fund worth Tk 1.25 billion was oversubscribed by nearly 18 times of 15,341,000 units of Tk10 each valuing Tk 153.41 million.
Of the total size, units of Tk 15.34 million of total public offering was reserved for non-resident Bangladeshis (NRB), units of Tk 15.34 million for mutual funds and the remaining units of Tk 122.73 million for the general public.
The lottery of the Grameen Two IPO is scheduled to be held at the BIAM Foundation Auditorium in the city at 10:30am.
The Scheme received bids worth about Tk2.73 billion or 17.75 times, including about 9.4 times from the NRBs and over 12.2 times from the Mutual Fund.
Earlier, the Fund allocated another Tk166.59 million worth of units through entitlement under private placement to all its existing unit holders.
Grameen Fund is the Trustee and Standard Chartered Bank is the Custodian of the mutual fund.
AIMS of Bangladesh Limited, working as the investment manager of the scheme, has already submitted applications for holding lottery to the SEC.
The Scheme would be the largest listed mutual fund in the country, expecting commencement of trading at the stock exchanges by the end of this month (August).
Subscription of the mutual fund began on June 30 and continued until July 14 for resident Bangladeshis. But subscription for the NRBs remained open upto July 23.
This will be the 16th mutual fund to be traded in the country's stock market.
Currently, a total of 15 mutual funds are listed on the stock exchanges. Of them, Investment Corporation of Bangladesh (ICB) and its subsidiaries have floated 12 mutual funds while Bangladesh Shilpa Rin Sangstha (BSRS) and private sector companies AIMS and Grameen have one such fund each.
Earlier, ICB AMCL Second NRB Mutual Fund was the largest mutual fund with Tk 1.00 billion worth of units.