The Hindu Business Line : Kotak Mid-Cap IPO nets Rs 577 cr

KOTAK Mid-Cap, an open-ended Equity Growth Scheme, which will invest in equity and equity-related securities of mid-cap companies, has mopped up a record Rs 577 crore in its recently concluded Initial Public Offering, according to a company press release.

The IPO, which closed on January 28, received over 65,000 applications, with an average application size of Rs 88,000, from around 100 locations, the release said.

The fund managers of Kotak Mid-Cap will invest in mid-cap companies picked through a bottom-up process, where each company will be evaluated individually and not just on the basis of the sector.

Up to 95 per cent of the portfolio of Kotak Mid-Cap can be invested in equities, with mid-cap investments ranging between 65-95 per cent. Between 0 and 30 per cent of the portfolio can be invested in other equities, and 5-35 per cent in debt and money market securities.

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