Kotak's mid-cap IPO collects Rs 577cr

Kotak mid-cap, an open-ended equity growth scheme, dedicated to investing in equity and related securities of mid-cap companies, has mopped up Rs 577 crore from its recently concluded intial public offer (IPO).

The offer, which closed on January 28, received over 65,000 applications with an average application size of Rs 88,000 from around 100 locations, an official release said today.

"The fund managers of Kotak mid-cap would invest in mid-cap companies picked through the bottom-up process where each company would be evaluated individually," the release added.