Dhaka Wednesday, March 31, 2010
IFIC Bank 1st Mutual Fund is expected to start trade on bourses tomorrow.
The fund received the final approval for listing on Dhaka Stock Exchange and Chittagong Stock Exchange on Monday, according to a statement.
The size of the fund is Tk 120 crore, of which Tk 40 crore was raised through an initial public offer.
A record number of investors - 11 lakh applied with Tk 703 crore, representing an over-subscription by more than 17 times.
The unaudited net asset value per share of the fund as of March 25 was Tk 11.65 at market. This implies a consolidated gain (realised and unrealised) of almost Tk 20 crore.
RACE Asset Management will manage the fund while the Investment Corporation of Bangladesh will be the trustee and custodian.
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