Alkhabeer Capital, a Saudi-listed Islamic investment and advisory firm, has kick-started the initial public offering (IPO) of its Shariah-compliant fund.

The IPO for Alkhabeer Growth and Income Traded Fund commenced on Sunday, March 13, with a subscription period of 15 business days, Alkhabeer told the Saudi Stock Exchange (Tadawul) on Monday.

The public equity investment fund is open for subscription to investors at the offer price of 10 riyals ($2.67) per unit. Minimum subscription amount is set at 1,000 riyals (100 units).

Investors can subscribe to the fund through Aljazira Capital, Al Rajhi Bank, Saudi National Bank and Riyad Bank.

(Writing by Cleofe Maceda; editing by Seban Scaria)