By InvestAdvocate

Lagos (INVESTADVOCATE) – STANBIC IBTC ETF 30 FUND (SIBTC ETF 30 Fund) on Wednesday announced its initial public offering (IPO) closes today October 15, 2014.

In a notice to dealing members at the Nigerian bourse, the asset management company said the closure is in compliance with the prospectus to the offer.

‘’All returns with respect to this offer should be made within one week from the date of the closure of the offer,’’ the company said.

Stanbic IBTC Asset Management opened the IPO on Monday September 15 with 10,000,000 units of the fund available at N100 each at par.

The company had said the offer, which was approved by regulators will have a minimum subscription of 10,000 units and multiples of 5,000 units thereafter.

Stanbic IBTC Capital Limited was the issuing house to the offer.

Olumide Oyetan, the chief executive officer, Stanbic IBTC Asset Management, mangers of the fund was quoted as saying, “The opening of the Stanbic IBTC ETF 30 is a direct response to increased investor demand for passive investment strategies that will deliver the market return for the index being tracked, which in this case is the NSE 30 of the Nigerian Stock Exchange.

“Our ETF is merely providing a transparent and flexible structure that allows investors efficiently gain exposure to the securities of these companies that have over time out-performed the broad equity market,” he said.