IFIC Bank 1st Mutual Fund IPO lottery held

FE Report

The IPO lottery of IFIC Bank 1st Mutual Fund was held at the Bangabandhu International Conference Center in the city Tuesday.

The size of the fund is Tk. 1.2 billion, of which Tk. 400 million is being raised through the IPO process. The Fund received the largest number of applications for an IPO in Bangladesh, and was oversubscribed by more than 17 times.

In his speech, RACE Asset Management CEO Dr Hasan Imam said: "Bangladesh capital market needs more Mutual Funds to provide stability during periods of volatility. IFIC Bank and ICB, together with RACE, have taken a pioneering role in promoting capital market efficiency through the IFIC 1st Mutual Fund. We have already begun the investment process and we hope to provide our investors with healthy returns over the lifetime of the fund."

Mr. Ashim Chowdhury, Senior Vice President and Head of the Capital Market Division of IFIC Bank, and several senior officials from the DSE, CSE, ICB and CDBL were present on the occasion.