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The Financial Express

IPO of ICB Golden Jubilee MF opens today

| Updated: August 20, 2022 10:06:06


IPO of ICB Golden Jubilee MF opens today

The initial public offering (IPO) of 'ICB AMCL CMSF Golden Jubilee Mutual Fund' will open for subscription today and continue until August 24.

To commemorate the 50th year of the country's independence, the Capital Market Stabilization Fund (CMSF) and ICB Asset management Company Ltd. (IAMCL) have jointly floated this closed-end fund.

The objective of this closed-end mutual fund is to channelise the savings of small and medium-sized savers into commerce and industry for rapid growth of the country's economy and to provide maximum possible risk adjusted returns to the unit holders, according to its prospectus.

The Bangladesh Securities and Exchange Commission (BSEC) approved the prospectus of Mutual Fund on June 28.

The fund size is 1.0 billion and the face value is Tk 10.00 per unit.

As a sponsor, the CMSF has provided Tk 500 million or 50 per cent of the fund size.

ICB Asset Management Company, another sponsor, has contributed Tk 200 million while Investment Corporation of Bangladesh (ICB) has provided Tk 50 million as pre-IPO placement holder.

And the remaining Tk 250 million will be collected through the IPO.

According to the prospectus, 5.0 per cent of total public offering will be reserved for mutual funds, 5.0 per cent for non-resident Bangladeshis, and 20 per cent for other eligible investors.

And the remaining 70 per cent of the public offering will be reserved for subscriptions by general public.

Bangladesh General Insurance Company (BGIC) is working as the trustee of the mutual fund and BRAC Bank is the custodian of the fund.

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