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Grameenphone Opens IPO

Leading mobile phone operator of Bangladesh has opened its initial public offering subscription for the public

October 5, 2009

1 Min Read

FORNEBU, Norway -- Grameenphone Ltd., the leading mobile phone operator of Bangladesh has today opened its initial public offering (IPO) subscription for the public.

The subscription period started Sunday, 4 October, and will close on 8 October 2009. However, applications from Non-Resident Bangladeshis sent through courier will be accepted till 18 October 2009.

Grameenphone is expecting to raise approx. USD 141 million (or BDT 9.72 billion) through its issue and has already allocated shares of the amount of USD 70.4 million through a pre-public offering (PPO) to local Bangladeshi institutional investors, which will be issued upon completion of the IPO.

"This marks a new major milestone in Grameenphone's successful history. Now the people of Bangladesh will take part in the future development of the company," said Sigve Brekke, Executive Vice President of the Telenor Group and Head of Telenor Asia.

The Grameenphone IPO will be the largest IPO in the history of Bangladesh and on completion of the process approx. 69.5 million shares will have been issued. The price of each Grameenphone share has been set at BDT 70 (approx. USD 1).

"Telenor Group has been committed to the listing of Grameenphone, and in meaningfully contributing to the development of the Bangladeshi capital market," said Sigve Brekke. "We look forward to the successful completion of the largest IPO in the country."

Grameenphone will be the first of the mobile operators in Bangladesh to list on the local bourses - the Dhaka Stock Exchange (DSE) Ltd. and the Chittagong Stock Exchange (CSE) Ltd.


Telenor Group (Nasdaq: TELN)

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