1. Stanbic IBTC Asset Management has opened its initial public offering for the Stanbic IBTC Exchange Traded Fund 30 (ETF 30), with 10,000,000 units of the fund available at N100 each at par. The offer closes on Wednesday, October 15, 2014.
2. The offer, which has received approval from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), will have a minimum subscription of 10,000 units and multiples of 5,000 units thereafter. Stanbic IBTC Capital Limited is the issuing house to the offer.
3. The fund was designed to track the performance of The NSE 30 index, which comprises the top 30 companies listed on the NSE in terms of market capitalisation and liquidity.
4. The index serves as the flagship benchmark for the stock market as it represents 92 per cent of the NSE’s market capitalisation and the Stanbic IBTC ETF 30 will replicate the price and yield performance of the index.
5. An Exchange Traded Fund (“ETF”) is an investment vehicle that tracks an index, a basket of assets, or a commodity but trades like regular shares on a stock exchange. The Fund will invest 100 per cent of its assets in the same portfolio of securities that comprise The NSE 30 Index in proportion to their weightings in the Underlying Index.
