Mega Capital's First Mutual Fund Issue Concludes With Highest Number of Applicants Ever; Fund to Be Resized to 125% of Initial Size

The public issue of "Mega Mutual Fund 1" has concluded today. The issue had opened on 4th Bhadra. The issue closed today, i.e. on 10th Bhadra, 2078, at the end of banking hours.

10 crore units were issued at a par value of Rs. 10 per unit. 15% of the total units have been allocated to the fund promoter Mega Bank. "Mega Mutual Fund 1" is a closed-end fund, meaning it can be traded in NEPSE. The fund has a maturity period of 10 years.

Mega Capital itself was the issue manager. According to the issue manager, 1,63,509 applicants have applied for a total of 20,13,53,250 units. Thus, the issue has been oversubscribed more than 2.01 times. Furthermore, the mutual fund issue has also broken the previous record for the highest number of applicants received so far (for a mutual fund issue).

Mega Capital CEO Mr. Sabir Bade Shrestha extended his gratitude to applicants for their trust. Ensuring that the fund manager will live up to this trust, Shrestha also informed Sharesansar that the fund will now be resized to 125% of its initial size, given the oversubscription.