An IPO roadshow for ‘ICB AMCL CMSF Golden Jubilee Mutual Fund’ was held at the head office of IAMCL in the city on Sunday. ICB managing director Md Abul Hossain was present as special guest. The initial public offering (IPO) of 'ICB AMCL CMSF Golden Jubilee Mutual Fund' will open for subscription on August 17 and continue until August 24.
The total size of the closed-end mutual fund is Tk 1.0 billion and the face value is Tk 10 per unit.
ATM Ahmedur Rahman, CEO of ICB Asset Management Company Limited (AMCL), made the disclosure at a press conference organised as part of the IPO road show held at the head office of ICB AMCL in the city on Sunday.
Investment Corporation of Bangladesh (ICB) managing director Md Abul Hossain, ICB Capital Management Ltd (ICML) CEO Asit Kumar Chakravorty, ICB Securities Trading Company Limited (ISTCL) CEO Mofizur Rahman also spoke at the programme while ICB Chairman Dr Md Kismatul Ahsan virtually joined the event as the chief guest.
The Capital Market Stabilisation Fund (CMSF) is the sponsor of the mutual fund, contributing Tk 500 million or 50 per cent of the fund size.
ICB AMCL is the fund manager which has also contributed Tk 200 million while ICB has provided Tk 50 million as pre-IPO placement.
The remaining Tk 250 million will be collected through initial public offering (IPO) from general investors.
Bangladesh General Insurance Company (BGIC) is the trustee of the fund while BRAC Bank is the custodian of the fund floated jointly by the CMSF and ICB AMCL to mark the golden jubilee of the country's independence.
Bangladesh Securities and Exchange Commission (BSEC) approved the mutual fund on June 28 this year.
A closed-end fund is a fund that raises capital by issuing a fixed number of shares which are not redeemable, and then invest that capital in financial assets such as stocks and bonds.
Such funds are listed on the bourses. Currently, there are 36 closed-end mutual funds listed on the Dhaka Stock Exchange (DSE).
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