JM MIP Fund collects over Rs 94 crore from 11,000 investors

In the recently concluded JM MIP's public offering, JM Mutual Fund received a collection of Rs 94.16 crore from over 11,000 investors predominantly from the retail segment. This is being hailed as one of the most successful retail launches among mutual funds in the recent past.

The MIP initial public offering (IPO) that closed on 16 September 2003 has already commenced sale and repurchase of the scheme effective 1 October 2003. The fund house announced the much-awaited first net asset value (NAV) of the scheme on 30 September 2003 at Rs 10.1657. The opening NAV of the scheme has lived up to the expectations of 11,000-odd investors who had put their trust in the scheme through their participation in the IPO.

The Monthly Income Plan Fund scheme offers various investor friendly features and options. In the current low interest rate regime, MIP is an ideal vehicle for small investors looking for better returns, without exposing themselves to larger risk.

Says JM Mutual CEO Krishnamurthy Vijayan: "We have adopted a growth strategy focused on retail investors. JM Mutual Fund had tailored the scheme for the retail market, true to its belief that MIP is a retail product. During the IPO, the fund extensively marketed the product to retail investors in over 85 towns and cities spread across Maharashtra, Gujarat, Madhya Pradesh, Chattisgarh, Goa, Punjab, Haryana, Uttar Pradesh, Rajasthan, West Bengal, Orissa and Jammu & Kashmir. The fund conducted seminars and meets for investors and intermediaries at most of these towns and cities and the response has been overwhelming."

JM Mutual Fund has one of the widest distribution networks today with a presence in 65 cities and towns through its 'chief financial advisor' network in addition to 13 major centres where full-fledged branch offices function. The fund has been pioneering the development of these markets from the grass roots level through an ongoing programme of investor and intermediary awareness and education. JM Mutual also conducted special training programmes and tests for AMFI certification for agents in key regional centres.

Headquartered in Mumbai, JM Mutual has branches in Ahmedabad, Surat, Delhi, Kolkata, Chennai, Hubli, Bangalore, Mangalore, Pune, Hyderabad, Nagpur and Patna. In addition to its branches it has one of the widest distribution networks in the country with representatives in over 65 cities in the states of Gujarat, Maharashtra, Madhya Pradesh, Chattisgarh, Rajasthan, Uttar Pradesh, Punjab, Haryana, Jammu & Kashmir and Bengal.