Alkhabeer Growth and Income Fund’s IPO 105.4% oversubscribed, SAR 1.08 bln raised

Logo of Alkhabeer Growth and Income

Alkhabeer Growth and Income Traded Fund’s initial public offering (IPO) was 105.39% oversubscribed, fund manager Alkhabeer Capital said.  

Net subscription value reached SAR 1.08 billion by 470,160 investors.  

The fund’s IPO ran from March 13-31, Argaam earlier reported.

The target capital is SAR 1 billion, while the minimum equity required for the inception of the fund is SAR 300 million. The fund offered 100 million units at SAR 10 each.

Alkhabeer Growth and Income Traded Fund is a Sharia-compliant closed-ended traded fund.

The fund aims to increase net asset value by boosting the performance of its investments in the long term and generating income for investors from the dividend distributions of the companies, in which the fund invests, in addition to part of the capital appreciation resulting from the growth of market value of the securities invested in.

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