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ICB Golden Jubilee Mutual Fund

Each investor gets 628 units through IPO

FE REPORT | September 08, 2022 00:00:00

Investors applying for the initial public offerings (IPO) of 'ICB AMCL CMSF Golden Jubilee Mutual Fund' will get at least 628 units against an application of Tk 10,000.

The Dhaka Stock Exchange (DSE) announced the allocation of the units of the closed-end mutual fund, calculated on the pro-rata basis, for all the applicants at a programme held at its office on Wednesday.

M Shaifur Rahman Mazumdar, chief operating officer of DSE, Khairul Bashar Abu Taher Mohammed, chief regulatory officer, AGM Sattique Ahmed Shah, chief financial officer, Md Monowar Hossain, chief operating officer of Capital Market Stabilisation Fund and ATM Ahmedur Rahman, chief executive officer of ICB Asset Management, were present at the event.

The subscription period for IPO of the mutual fund was between August 17 and 24. The IPO was oversubscribed by 1.60 times, according to a press release.

The closed-end mutual fund received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on June 28 this year.

The total size of the ICB AMCL CMSF Golden Jubilee Fund is Tk 1.0 billion and face value is Tk 10 per unit.

Of the total size of the fund, Capital Market Stabilisation Fund (CMSF) -- the sponsor of the fund -- provided Tk 500 million or 50 per cent.

ICB Asset Management Company, the fund manager, contributed Tk 200 million while Investment Corporation of Bangladesh (ICB) provided Tk 50 million as pre-IPO placement.

The remaining Tk 250 million was collected through IPO from the general investors.

To celebrate the golden jubilee of independence of Bangladesh, the Capital Market Stabilization Fund (CMSF) and ICB Asset Management Company have jointly launched the "ICB AMCL CMSF Golden Jubilee Mutual Fund".

Currently, 36 closed-end mutual funds are listed on the capital market.

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