The computer balloting for the allotment of units/certificates of Pakistan Capital Market Fund, the largest closed-end mutual fund offering in Pakistan, was held on Friday, which was oversubscribed 5.5 times.
The balloting took place within a week of the close of a three-day Initial Public Offer (IPO) from January 22-24.
The fund is managed by Arif Habib Investments, while Arif Habib Securities are the consultants to the issue.
Bankers to the issue are being instructed to return the funds of unsuccessful candidates.
They had already been instructed on Wednesday (January 28) to return all amounts over Rs 100,000.
The professional handling of the allotment of units/certificates of Pakistan Capital Market Fund will go a long way in improving investor's confidence in the market and professional fund managers.
Mutual Funds and IPOs have caught the attention of different types of investors lately. The Rs 1.5 billion Pakistan Capital Market Fund received subscriptions worth Rs 1.125 billion in the pre-IPO stage by leading institutions of the country.
As per the regulatory requirement, Rs 375 million were offered to public. The fund received 38,000 applications for Rs 2 billion, an oversubscription by five and a half time.
Arif Habib Investments now manage well over Rs 7 billion under Pakistan Capital Market Fund and four other funds.
Pakistan Capital Market Fund is a broad-based fund, which invests in a mix of equity, debt and money market instruments.
The investment decision making of the fund will be the responsibility of investment committee comprising of fund managers of relevant asset classes.
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