The investment strategy of the Scheme will be to invest in a basket of securities forming part of Nifty 100 Low Volatility 30 Index in similar weight proportion.
Even though the Japanese markets were shut for a holiday, Nikkei futures trading in Chicago indicated a bullish sentiment.
Nifty Bank, Financial Services, Oil & Gas, and Media indices are each trading with about 1% gains.
The IPO consists of fresh issue of 20,000,000 equity shares of the face value of Rs 10 each aggregating to Rs 66 crore.
To achieve the investment objective, the scheme will follow passive investment strategy with investments in stocks in the same proportion as in Nifty Smallcap 50 Index.
Amidst volatile trading, S&P 500 futures climbed 0.7%.
Eicher Motors emerged as the top laggard on NSE.
Sensex added nearly 600 points in early morning trade tracking a rebound in global equities.
The scheme is a target maturity fund and will be managed passively by tracking the performance of Nifty G-sec Jul 2027 Index