Dhaka, Bangladesh (BBN) - EBL First Mutual Fund will make debut on both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) on Wednesday under the trading code of 'EBL1STMF'.
The Mutual Fund worth BDT 1.0 billion will be the 18th such fund listed with the bourses. Eastern Bank Ltd (EBL), a private commercial bank, is the sponsor while RACE is the issue manager. Per unit price of the fund is BDT 10.
Initial public offering (IPO) of the fund was oversubscribed by 17 times against 20 per cent allocated for public. Sixty per cent of fund has been kept for pre-IPO placement and the rest 20 per cent for sponsor.
Subscription was opened on June 21 last and closed on June 25 for resident Bangladeshis and on July 4 for non-residence Bangladeshis. Currently, there are 17 listed mutual funds with the DSE, having a total issued paid-up capital of $48 million or BDT 3316 million.
EBL First Mutual Fund worth BDT 1.0 billion, sponsored by the Eastern Bank Limited, is the first such fund managed by the RACE. It was oversubscribed by 17 times against 20 percent initial public offering.
Currently, RACE is working on three mutual funds, which are being sponsored by Trust Bank, IFIC Bank and EXIM Bank.
BBN/SS/SI/AD-19August09-12:13 am (BST)