Demand for Candor Opportunities Fund IPO tops Rs. 400-m mark

Monday, 2 November 2015 00:00 -     - {{hitsCtrl.values.hits}}

The demand for Candor Opportunities Fund IPO has topped the Rs. 400-million mark as of Thursday last week.

Candor Asset Management Ltd. said as of Monday the offer had received 318 applications via cheques requesting 25.256 million units worth Rs. 252.56 million and two applications via bank transfer/RTGS transfer for 10 million units worth Rs. 100.25 million. Additionally, one application via Bank Guarantee has been received requesting for 5 million units worth Rs. 50 million.

Candor Opportunities Fund is the first listed fund by CAM. It is offering 50 million units at the initial offer or IPO with the option of increasing the number of units on offer to 75 million, making the total offer value Rs. 750 million.

The IPO, which opened on 20 October, will remain open until 4.30 p.m. on 9 November or until the offer is fully subscribed.

The fund will be a five-year close-ended fund which will adopt dynamic asset allocation strategies and invest in both listed shares and fixed income securities depending on the investment climate. This strategy is expected to limit any downside risk while capitalising on upward movements in the stock market. While the primary investment objective of the fund is to achieve long-term growth of capital, the fund will also provide annual income to unit holders by way of annual dividends.