The Initial Public Offering lottery draw of Popular Life First Mutual Fund will be held on September 22 at 10.30 am at National Sports Council in the city, officials said.
The schedule of distributing refund warrants will be announced later.
The IPO subscription of Popular Life First Mutual Fund, worth Tk 2.0 billion started on August 22 and ended on August 26.
For resident and non-resident Bangladeshis, the subscription period was August 22 to August 26, and August 22 to September 4 respectively.
Popular Life, a closed-end mutual fund went public worth Tk 1.0 billion for general public.
The face value of each unit of the fund is Tk.10 and the market lot will be of 500 units.
The sponsor, the Popular Life Insurance, will retain 10 per cent or Tk 200 million worth of units in the Tk 2.0 billion mutual fund. The rest of the amount, Tk 800 million, will come from pre-IPO placement.
Race Asset Management was the fund manager of the mutual fund.
Meanwhile, the First Janata Bank Mutual Fund will make debut Monday in the stock market.
It will be 27th mutual fund to be listed with the stock exchanges and also the first fund sponsored by the state-owned Janata Bank.
The Dhaka Stock Exchange (DSE) board in a meeting Thursday approved the listing of the mutual fund and fixed the debut- trading day of the fund worth Tk 2.0 billion.
The First Janata Bank Mutual Fund equals with the largest ever mutual fund --Trust Bank First Mutual Fund that made debut early this year.
Of the fund size, Tk 1.0 billion has been allocated for IPO (initial public offering), pre-IPO Tk 500 million for sponsors and Tk 500 million for pre-IPO placement.
Each unit price of the fund is Tk 10.
IPO of the mutual fund was oversubscribed by more than five times.
The subscription of the fund opened on August 1 and ended on August 5. For non-resident Bangladeshis, the subscription closed on August 14.
The objective of the fund is to provide attractive dividend to the unit holders by investing the proceeds in the various instruments in the Bangladeshi capital market and money market, according to the prospectus.
Mutual fund sector makes up 1.20 per cent of the total market capitalisation and 0.90 per cent of the total turnover in DSE.
Source: http://www.thefinancialexpress-bd.com
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