Reuters reports that Bangladeshi mobile market leader GrameenPhone (GP) will open subscriptions to its initial public offering (IPO), the country’s biggest ever, in the first week of October. GP, 62% owned by Norway’s Telenor, hopes to raise BDT4.86 billion (USD68 million) through the sale of 69.44 million shares at BDT70 each, in an issue on the Dhaka and Chittagong stock exchanges, underwritten by Citigroup. GP, which raised USD60 million in a three-times oversubscribed pre-IPO private share placement to local institutional investors in December 2008, will benefit from a 10% tax cut given to Bangladeshi cellcos that list on domestic bourses. GP had 21.15 million subscribers at end-June 2009, claiming a 44% market share, whilst it posted a 10% rise in second-quarter revenue to USD236 million.
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