GrameenPhone halves size of IPO/pre-IPO

6 Oct 2008

Bangladesh’s largest cellco by subscribers GrameenPhone has more than halved the size of its planned IPO and pre-IPO share sales to USD125 million, due to the global economic downturn, reports Reuters. The Telenor subsidiary originally aimed to raise a total of USD300 million, half through a private placement and half via a subsequent domestic IPO. In its latest plan the GSM operator reportedly hopes to raise USD50 million in the pre-IPO sale, subject to an increase if demand exceeds expectations, and USD75 million in an IPO on the the Dhaka and Chittagong stock exchanges in late December.

Bangladesh, GrameenPhone,

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