Economy, Business And Markets

IFB Underwriting Second ETF

IFB Underwriting Second ETFIFB Underwriting Second ETF

As the second fixed-income Exchange-Traded Fund (ETF) in Iran Fara Bourse or the over-the-counter market, Ganjineh Ayandeh Roshan investment Fund will offer its 10,000-rial investment units for underwriting starting June 6. The brokerage network of IFB will sell the units that bear a 26.5-percent interest, Bourse Press reported. A minimum of 10 and a maximum of 49 million investment units can be purchased by each investor. The underwriting period will be three days and most of the units have apparently been bid for. Secondary trading of the units will start in IFB’s new financial instruments market. The $15-million investment fund will deposit 90 percent of its money in banks and invest the rest on other securities. The fund managed by Ayandeh Brokerage and Arman Investment Bank is marketing for it.  According to the report, the minimum compounded daily interest of the fund is set at 23 percent, though the fund’s managers are trying to raise it to 26.5 percent with no charge.