The initial public offering (IPO) started by the iFond Financial investment fund has been oversubscribed by 3.5 times, according to preliminary data. The fund has raised RON 7 million- the equivalent of around EUR 1.6 million. The fund will invest half of its assets in Fondul Proprietatea shares.

The fund, administrated by Intercapital Investment Management, was planing to raise RON 2 million through the IPO which started on July 22 and ended on August 11. The fund will invest 20 percent of its assets in SIF shares, 15 percent in the Bucharest Stock Exchange and Sibex shares, 10 percent in bank shares and 5 percent in other types of shares.