KARACHI: Lucky Investments Ltd on Wednesday raised an unprecedented Rs50 billion during the initial public offering (IPO) of its Lucky Islamic Money Market Fund, shattering all previous subscription records.

According to a press release, this landmark achievement marks an extraordinary milestone in Pakistan`s financial sector, where investors nationwide demonstrated overwhelming confidence in the company`s first Shariah-compliant offering.

The record-breaking subscription underscores robust demand for Islamic financial products and firmly positions Lucky Investments` place as a promising new player in the asset management industry, said the company.

Lucky Islamic Money Market Fund represents the first fund in a planned series of Shariah-compliant mutual funds to be introduced by the company.

At the historic launch event, Mr Mohammad Shoaib, founding CEO of Lucky Investments, expressed profound gratitude for the exceptional investor response.-Staff Reporter