Bharat 22 ETF, the exchange traded fund managed by ICICI Prudential Mutual Fund AMC, increased by up to 3.5% above its list price on its debut according to a Livemint report. The ETF featured an issue price of Rs. 35.97 per unit and rose to Rs. 37.23 per unit within minutes of getting listed. The report added that this increase was line with the interest this ETF generated during its NFO period earlier this month. The Livemint report also mentions that the Bharat 22 ETF was subscribed 4 times over its initial size of Rs. 8000 crores during the NFO period itself.
The Bharat ETF 22 features a total of 22 public sector and SUUTI companies considered to be top candidates for the current government’s disinvestment goals. The report added that this ETF is a diversified fund and features investments in multiple sectors of the economy including financial, industrial, utilities, FMCG as well as energy to name a few. This ETF is based on the Bharat 22 Index which follows a free float adjusted market cap weight methodology. As per data provided by Livemint, the weight of each individual constituent of the Bharat 22 Index is capped at 1.5%.