NIC Asia Growth Fund allotment concludes on Falgun 29; 27,217 applicants allotted with 6.85 crore units while remaining 21 deemed as ineligible; undersubscribed by Rs 16.48 crore

NIC Asia Growth Fund (NICAGF) has concluded its public issue allotment on Falgun 29, 2074. As per the information received, there were altogether 27,238 applicants and 27,217 applicants were allotted with the units they demanded whereas 21 applicants were invalid due to reasons such as multiple application and/or application for less than 100 units. Out of total issue, 6,85,20,000 units were allotted to the general public and 1,50,00,000 units were allotted to the sponsoring and promoting institutions. Although NIC Asia had floated its public issue of 10 crore unit shares worth Rs 1 arba, the fund size was decreased to Rs 83.52 crore following undersubscription of the shares even though the deadline was extended twice. It had floated public issue from Magh 2, 2074 to Falgun 13, 2074. Under the current regulation, 15% units i.e. 1.50 crore units were reserved for CZBIL and CBIL Capital. As per Suday Kant Jha, Chief Investment Officer of NIC Asia Capital, the mutual fund had collected Rs 50 crore approximately from around 12,000 applications within the first week of the issue, i.e. till Magh 7, 2074. NIC Asia Growth Fund is NIC Asia Capital’s first mutual fund scheme, and is a 7-years closed-end fund. The scheme will be managed by NIC Asia Capital Limited with NIC Asia Bank Limited (NICA) as the fund sponsor.