GP IPO gets final nod to open end-Sept

21 Aug 2009

GrameenPhone’s initial public offering could be open for subscription in the last week of September, after receiving final regulatory approval yesterday, reports bdnews24.com. The Bangladeshi cellular market leader’s plan to raise around USD65 million by issuing 69.4 million shares on the domestic stock exchange was given final approval by the Securities and Exchange Commission (SEC), whose executive director Anwarul Kabir Bhuiyan said: ‘We hope that the subscriptions for the issue will be open in the week after Eid (the last week of September).’ Usually, the company fixes the subscription date, but due to the exceptional size of the IPO – a record for the country – it will be done in consultation with the SEC, added Bhuiyan. The offer price of each share has been fixed at BDT70, which comprises a face value of BDT10 and a premium of BDT60, the SEC official said. In July 2008 GrameenPhone annunced it would place 10% of its shares in IPO and pre-IPO sales, but in October the company said it had been delayed because of the global economic downturn. In December 2008 it completed USD60 million worth of pre-IPO share deals with 50 institutional investors. The pre-IPO offering was reportedly three times over-subscribed. GrameenPhone is majority-owned by Norway’s Telenor, which partners Grameen Telecom in the venture.

Bangladesh, GrameenPhone,

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