NIBL Sahabhagita Fund receives almost 15 thousand applicants; issue oversubscribed by close margin

NIBL Sahabhagita Fund, managed by NIBL Ace Capital Limited and sponsored by Nepal Investment Bank Limited has closed the public issue of 1.25 crore units mutual fund scheme worth Rs 12.50 crore from Ashad 16, 2076.

NIBL Sahabhagita Fund is a first open ended mutual fund after the implementation of Mutual Fund Regulation, 2067 by Securities Board of Nepal (SEBON). 

This fund was issuing a maximum 5 crore units worth Rs 50 crore at face value of Rs 10 per unit. Initially at first stage, the fund was issuing only 1.25 crore units worth Rs 12.5 crore to general public and 15% of total fund i.e. 75 lakhs units worth Rs 7.5 crore is reserved to fund sponsor NIB Bank and fund manager NIBL ACE Capital Limited as a seed capital.

As per the issue manager, the issue has received applications from 14,896 applicants applying for 12,978,240 units till closing. The issue stands slightly oversubscribed. However, this is not the final data as it has not been verified yet.

NIBL Sahabhagita Fund is the NIBL Ace Capital Limited third mutual fund scheme, and is first open-ended fund. This fund is not tradable at Nepal Stock Exchange like other close ended fund and has no fixed maturity period and can be bought/sold directly from/to fund sponsor or fund manager.