IPO Collection Update of "Sanima Large Cap Fund"; Will the IPO Close Tomorrow?

"Sanima Large Cap Fund" has opened for application form Magh 09. It is a mutual fund promoted by Sanima Bank and managed by Sanima Capital. 10 crore units worth Rs. 1 Arba has been issued. Unlike IPO of companies, IPOs of mutual funds are issued at a par value of Rs. 10. Applicants can apply for a minimum of 100 units and a maximum of 1 crore units.

15% of the total issue is reserved for fund sponsored Sanima Bank and issue manager Sanima Capital. The remaining units are issued for eligible investors (individuals and institutions). "Sanima Large Cap Fund" is a close-ended fund, meaning it can be traded in NEPSE. Furthermore, the fund will mature 7 years after allotment.

According to the issue manager, the IPO has received 63,291 applications for a total of 9,13,71,020 units. If we base assumptions on this data, the issue is already fully subscribed. This is because 15% of the fund will be contributed by Sanima Bank and the remaining amount would be fully subscribed by the applicants received as of now.

However, Sanima Capital told Sharesansar that the issue won't close tomorrow, since some applications may be invalidated and the issue might be left undersubscribed. Furthermore, they have not received verification from the bank. Thus, the issue won't close tomorrow. Note that the deadline can be extended to Magh 26 to achieve a full subscription.