Capitec Grameen Bank Growth Fund is set to open its initial public offering (IPO) subscription on September 24, with the aim of raising Tk 1 billion. The mutual fund, approved by the stock market regulator, plans to collect 50% of its total fund size, Tk 2 billion, from investors through the IPO, with each unit having a face value of Tk 10.
The fund’s objective is to generate dividends for unit holders through capital gains and cash dividends from listed companies. To be eligible to purchase units, investors must have a minimum investment portfolio of Tk 30 million in listed securities at market price. The minimum investment has to be Tk 15 million for approved pension funds, recognized provident funds, and approved gratuity funds.
Capitec Asset Management serves as the fund’s asset manager, while the Investment Corporation of Bangladesh acts as the trustee and custodian. Capitec Asset Management received the ‘Independence Golden Jubilee Award-2022’ from the Bangladesh Securities and Exchange Commission for its performance in the stock market. There are currently 90 open-ended MFs, whereas only 36 MFs are listed on the DSE.