Stanbic IBTC Asset Management, a member of Standard Bank group, has opened its initial public offering, IPO, for Exchange Traded Fund 30, ETF 30, with 10 million units of the Fund available at N100 each at par. The offer, which opened on Monday, 15 September 2014 and is expected to close on Wednesday, October 15, 2014.

Stanbic IBTC Capital Limited is the issuing house and has received approval from the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, for a minimum subscription of 10,000 units and multiples of 5,000 units thereafter.

Olumide Oyetan, chief executive officer of Stanbic IBTC Asset Management Limited, managers of the fund, explained, “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, NSE.”