IPO Issue of "Prabhu Select Fund" Over Subscribed on Second Day; How Many Have Applied?
Thu, May 20, 2021 5:29 PM on IPO/FPO News, Mutual Fund, Latest,
Prabhu Capital is issuing its first-ever mutual fund scheme Prabhu Select Fund from yesterday i.e. Jestha 5, 2078, and it fully subscribed on the second day.
Prabhu Select Fund is a mutual fund scheme worth Rs 1 Arba. Thus, 10 crore units of Rs 10 face value each will be issued. Prabhu Select Fund is a close-ended scheme with a maturity period of 7 years. The fund projects a 4.08% return to investors in its first year, 22.34% in its second year, 42.16% in its third year, and 130.47% in its eighth year.
14% of the issue has been allocated for the fund promoter Prabhu Bank and 1% for the fund manager Prabhu Capital. The remaining 8.5 crore units will be issued to the general public.
Investors can apply for a minimum of 100 units and a maximum of 8.5 crore units.
According to the issue manager, the issue has received 40,512 applications for a total of 10,48,482,050 units worth Rs 1.04 arba. This is the data for the second day. By this time, the issue was subscribed to about 104%.
The 1 arba worth mutual fund scheme will be managed by highly experienced fund managers experienced in different national and international securities markets for which interested investors can make applications by CASBA approved BFIs and via meroshare online application portal, as per the media statement.
The mutual fund scheme will now be closing on Jestha 9.
