On September 11, 2014, Databank launched its fifth mutual fund: Databank Educational Investment Fund (EdIFund). The Initial Public Offering (IPO) which ended on October 3rd has proven to be a huge success.
Offered at GHC0.10 (Ten Pesewas) per share, EdIFund’s IPO has yielded over GHC 1.7 million, significantly exceeding the minimum offer of GHC 100,000.00.
The offering generated a strong demand from both parents in trust for their wards as well as student investors. The Fund’s two-tier structure, which is the first of its kind in Ghana, aims at catering for short, medium and long-term educational needs of children and adults alike.
Tier 1, which is designed for short-term investors, has a minimum holding period of 3 months. Tier 2, intended to cater for long-term educational needs has a minimum holding period of five years.
Commenting on the results of the IPO, Mr. Kojo Addae-Mensah, Databank’s Group CEO, expressed gratitude to clients and all stakeholders for their trust in Databank.
“The launch of EdIFund marks another key step in helping Ghanaians achieve financial independence. The fact that this has been the most successful IPO in Databank’s history reflects a high level of investor confidence in Databank’s performance and our ability to meet the short and long-term needs of investors. We want Ghanaians to see us as their investment partner for life and so we will continue to look for innovative ways to help them secure their future.”
Even though the IPO has ended, the fund remains open to the public and will be priced on a daily basis. We entreat Ghanaians to develop the habit of investment to help attain financial independence.
