Alkhabeer fund launches IPO

IPO_0Saudi-based alternative investment manager, Alkhabeer Capital, is hoping to raise US$267 million (SAR1 billion) for the recently launched IPO of its fixed income fund.  Shares in the Alkhabeer Diversified Income Traded Fund went on sale on December 6 and the firm is looking to issue 100 million units priced at $2.67 in the 15 day subscription period.  According to the fund prospectus, the fund will focus on income-generating assets across multiple asset classes and sectors.  Some of the asset classes include sukuks, trade finance and leasing.  Four local banks, Aljazira Capital, Al Ahli NCB, Riyad Bank and Banque Saudi Fransi, have been appointed to handle the subscription phase which is open to Saudis, Gulf Cooperation Council (GCC) nationals and foreign residents. ©2019 funds global mena

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