IPO lottery of Second NRB Mutual Fund July 2 likely
FE Report | Tuesday, 24 June 2008
Lottery for share allotment of the ICB AMCL Second NRB Mutual Fund will be held on July 2, subject to the approval of Securities and Exchange Commission (SEC), officials said Monday.
The initial public offering (IPO) of the close-end mutual fund worth Tk 1.0 billion was oversubscribed by 15.5 times of 2 (two) million shares on offer for resident Bangladeshis and three times of 6 (six) million shares for Non Resident Bangladeshis (NRBs).
The state-owned Investment Corporation of Bangladesh (ICB) Asset Management Company Ltd (AMCL), working as the issue manager, submitted applications to the SEC for getting consent in holding lottery on July 2, sources said in the ICB.
The lottery of the largest IPO in the country's stock market will be held at the Bangladesh-China Friendship Conference Center and the names of the winners will be posted also in the ICB website, he said.
Of the total IPO size, 60 per cent of the units have been allotted for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
The close-end mutual fund, the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market, 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).
Subscription of Mutual Fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the 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 and ICB Capital Management is the sponsor.
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.
On the other hand, the subscription of the largest mutual fund- Grameen One Scheme Two- worth Tk 1.25 billion begins June 30.
The second scheme of Grameen Mutual Fund One to be the 17th mutual fund listed with the bourses is sponsored by Grameen Bank under the management of AIMS of Bangladesh Limited, a leading asset management company.
Earlier, Grameen One was the largest mutual fund with Tk 170 million worth of units and Shahjalal Bank was the largest IPO worth Tk 935.82 million.
The initial public offering (IPO) of the close-end mutual fund worth Tk 1.0 billion was oversubscribed by 15.5 times of 2 (two) million shares on offer for resident Bangladeshis and three times of 6 (six) million shares for Non Resident Bangladeshis (NRBs).
The state-owned Investment Corporation of Bangladesh (ICB) Asset Management Company Ltd (AMCL), working as the issue manager, submitted applications to the SEC for getting consent in holding lottery on July 2, sources said in the ICB.
The lottery of the largest IPO in the country's stock market will be held at the Bangladesh-China Friendship Conference Center and the names of the winners will be posted also in the ICB website, he said.
Of the total IPO size, 60 per cent of the units have been allotted for NRBs, 20 per cent for resident Bangladeshis, 10 per cent for mutual funds and 10 per cent for the sponsor.
The close-end mutual fund, the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market, 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).
Subscription of Mutual Fund (face value Tk 100) began on May 15 and continued until May 29 for resident Bangladeshis. But subscription for the 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 and ICB Capital Management is the sponsor.
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.
On the other hand, the subscription of the largest mutual fund- Grameen One Scheme Two- worth Tk 1.25 billion begins June 30.
The second scheme of Grameen Mutual Fund One to be the 17th mutual fund listed with the bourses is sponsored by Grameen Bank under the management of AIMS of Bangladesh Limited, a leading asset management company.
Earlier, Grameen One was the largest mutual fund with Tk 170 million worth of units and Shahjalal Bank was the largest IPO worth Tk 935.82 million.