Edelweiss Mutual Fund will convert its existing close end IPO focussed - Edelweiss Maiden Opportunities Fund – Series 1 (EMOF) into an IPO focussed open end fund - Edelweiss Recently Listed IPO Fund.
The existing scheme has AUM of Rs.522 crore as on April 2021. The fund house claims that it will be India’s first open-ended fund focused on investing in 100 recently listed IPOs. This conversion will be effective from June 29, 2021.
In a press release, Radhika Gupta, MD & CEO, Edelweiss MF said, “India is currently witnessing its busiest pipeline of IPOs which is expected to remain buoyant. We believe converting our existing fund into an open-ended one will give a wider base of investors access to this fund thereby democratizing the IPO opportunities for these investors. It is pertinent to note that an IPO opportunity is not just about listing gains but also about an earnings momentum that bodes well for the right selection of IPOs and Edelweiss Mutual Fund will bring that opportunity to the investor.”
Existing unitholders have an option to exit at the prevailing NAV, without exit load, from May 28, 2021 to June 28, 2021. Investors who wish to stay invested will automatically get converted to the open-ended scheme.
