Alkhabeer Capital, the asset manager specialising in Shari’a-compliant investments and financial services, announced the successful conclusion of the initial public offering of its diversified income traded fund units, the first fund of its kind in the region.
The Fund’s IPO, which was launched on December 6, concluded on December 24.
During the IPO period of 15 business days, the Fund attracted more than 89,000 individuals and institutional investors, with a net subscription value of SR472.8 million ($126 million), as the coverage ratio exceeded 157% of the minimum Fund's size.
Commenting on the achievement, CEO Ahmed Saud Ghouth, said: "We are pleased with the success of the fund during its initial public offering and the interest it has witnessed from individual and institutional investors."
"The Fund will provide investment opportunities in various assets with the aim of achieving periodic income for the investors," he stated.
As per the Fund’s terms and conditions, allocation of the full required shares will take place within 10 Business days of the conclusion of the offering period, no later than 7 January 2021.
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