Dar es Salaam, Oct. 9 -- THE capital market has reached a new milestone after Vertex International Securities Limited (Vertex) announced that its maiden Exchange-Traded Fund (ETF) Initial Public Offer (IPO) was oversubscribed by 36 per cent.

An ETF works by pooling investor money to buy a basket of assets, like stocks or bonds that are then traded on a stock exchange throughout the day, similar to individual stocks.

The IPO, conducted under the supervision of the Capital Markets and Securities Authority (CMSA), targeted to raise 5bn/-. However, applications received totalled 6.8bn/-, equivalent to 136 per cent of the target.

The regulator approved the full amount, allowing all applications to be accepted.

Vertexs Advisory and Capital ...