Hopes for IPO this year crushed by crunch

30 Oct 2008

GrameenPhone, Bangladesh’s largest mobile operator by users, has delayed its plans for an initial public offering (IPO) because of the global financial crisis, its CEO said. Anders Jensen said the company’s pre-IPO process had been delayed due to hesitancy among international investors, and he now expects the shares to be floated by the end of February 2009. ‘The shareholders remain committed to listing GrameenPhone,’ Anders added. GrameenPhone, owned by Norway’s Telenor (62%) and Bangladeshi firm Grameen Telecom (38%), originally aimed to raise a total of USD300 million, half through a private placement and half via a subsequent domestic IPO. In a revised plan the GSM operator 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 Dhaka and Chittagong stock exchanges.

Bangladesh, GrameenPhone,

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