GrameenPhone IPO more than three-times oversubscribed

20 Oct 2009

GrameenPhone’s initial public offering (IPO) ended Sunday 18 October for non-resident Bangladeshi investors, with total subscription over three times the issue target, according to The IPO, the country’s largest ever, opened 4 October and subscriptions closed on 8 October for resident Bangladeshis. Subscription applications have now been received from over one million prospective investors, worth a total of BDT17.25 billion. The Chittagong Stock Exchange (CSE) reported that 1.08 million applications from locally based investors alone amounted to a subscription of BDT16.57 billion, whilst non-residents submitted BDT671 million worth of subscriptions, figures which GrameenPhone confirmed.

GrameenPhone is set to raise around BDT4.86 billion (USD71 million) through the sale of 69.4 million shares to the public, 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 its IPO the country’s leading cellco will have 10% distributed ownership on the CSE and Dhaka Stock Exchange.

Bangladesh, GrameenPhone,


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