GrameenPhone IPO several-times oversubscribed

9 Oct 2009

The initial public offering (IPO) of Bangladesh’s leading cellco GrameenPhone has closed for local subscriptions, with officials reporting that the retail offer was several-times oversubscribed. GrameenPhone aims to raise up to USD70 million through the sale of 69 million shares, after it raised USD60 million in a three-times oversubscribed pre-IPO private share placement to local institutional investors in December 2008. The company is currently 62%-owned by Norway’s Telenor, with the remainder held by Grameen Telecom, a subsidiary of Bangladesh’s Grameen Bank, but following the IPO (the largest ever in the country) it will have 10% distributed ownership on the Dhaka and Chittagong stock exchanges.

Bangladesh, GrameenPhone,

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