NIC Asia Capital To Close Public Offering (IPO) Of ‘NIC Asia Select-30’ From Ashad 14
June 28, 2021 | Investopaper
NIC Asia Capital Limited is currently issuing units/shares of its new mutual fund scheme ‘NIC Asia Select-30’ to the general public. The sale of the scheme was open from Ashad 10, 2078 BS. The issue will close on Ashad 14, 2078 BS due to full subscription. If it had remained under-subscribed, the issue would have extended Ashad 24, 2078 BS.
Securities Board Of Nepal (SEBON) had provided the final approval on Baisakh 31, 2078 BS for the public offering. The fund manager is planning to sell 10 crore units of the scheme at a par value of Rs 10 per unit. Hence, the total issue size amounts to Rs 1 Arba.
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NIC Asia Bank is the promoter company of the NIC Asia Mutual Fund. Hence, the bank will purchase 15 percent or 1.5 crore units of the scheme. The general public can apply for the remaining 8.5 crore units worth Rs 85 crores.
ICRA Nepal has provided ‘[ICRANP] AMC Quality 3 (AMC 3)’ ratings to the fund manager. This indicates adequate assurance on management quality.
‘NIC Asia Select-30’ is a close-ended mutual fund scheme with a maturity period of 7 years. The units of the scheme will be listed and traded on Nepal Stock Exchange.
One can apply for a minimum of 100 units and a maximum of 1 crore units.
Investing in a mutual fund can be a good strategy for most investors as it offers decent returns at a low level of risk. Mutual funds are managed by professional experts and provide wide diversification.
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