GrameenPhone, the Bangladeshi mobile market leader, has confirmed that it plans to launch an IPO of shares on domestic and overseas stock exchanges next year, in order to fund network expansion. The cellco, majority controlled by Norway’s Telenor, expects the public sale to be Bangladesh’s biggest to date, although it did not specify the size of the stake up for grabs. According to TeleGeography’s GlobalComms database GrameenPhone has invested around USD900 million in its network and services, with around USD600 million of the total spent in 2005 and 2006. It accounts for around half of all mobile subscribers in the country, with 12.11 million GSM users at the end of March 2007. GrameenPhone is owned by Telenor (62%) and Grameen Telecom (38%, itself wholly owned by Grameen Bank of Bangladesh).
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