First Dawood Mutual Fund plans to raise Rs 125 million through initial public offering starting from March 21 to March 22 through the Karachi Stock Exchange. According to the offering document of the First Dawood Mutual Fund, investment advisor has invested Rs 65.5 million while the pre-IPO size is Rs 309.5 million. The investment objectives of First Dawood Mutual Fund is to provide an investors an opportunity to invest in diversified portfolio of securities representing equity, fixed income securities and money market instruments.
The fund would primarily invest into equity market subject to the maximum limit of 80 percent when equity markets are undervalued. It would decrease the investment exposure when the equity markets are overvalued, the fund manager opined. However, the minimum exposure in equity market at all times would not be less than 20 percent of the fund. The remaining portion of the fund would be allocated to fixed income securities and money market instruments.
Dawood Capital Management Limited is a public limited company incorporated on 18th September 1990, which is listed on KSE since 1993. The paid up capital of Dawood Capital Management is Rs 100 million with equity reserves of Rs 140.44 millions.
Dawood Money Market Fund (DMMF) is an open-end money market fund. DMMF invests in fixed income securities such as bonds, corporate debentures, government securities, term finance certificates and money market instruments. It is listed on the Karachi Stock Exchange.
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