Institutions have applied for more than $10 billion worth of Tracker Fund units, bringing the total value of applications to more than $30 billion, or more than three times the original indicative offer size, according to sources.
Institutions yesterday rushed to make last-minute bids for units, following news of strong interest from the Hong Kong public, the sources said.
The fund's retail offer closed on Thursday afternoon, with applications estimated to be worth more than $22 billion.
The institutional offer, which was to end after the close of Friday trade in New York follows a two-week roadshow in the US, Europe and across Asia.
Fund sponsors yesterday were tight-lipped about the offer for legal reasons, but they said institutional demand was encouraging in terms of size and the quality of investors.
Sources said demand appeared broadly in line with expectations.