Bangladeshi mobile operator Grameenphone has filed its final application for an initial public offering (IPO) of US$65 million. The company expects the subscription period for the IPO to be late January or early February next year.
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In July, Grameenphone, which is 62%-owned by Norwegian telecom operator Telenor said it planed to raise up to US$300 million in share sales on the domestic stock exchanges. This was later cut to US$125 million - and now has ended up with the final amount of just US$65 million.
"We are proud of our achievement in having reached this milestone. We remain committed to contributing to the development of the capital markets of Bangladesh and look forward to a successful completion of the largest IPO in the country" said Oddvar Hesjedal, CEO of Grameenphone.
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In July, Grameenphone, which is 62%-owned by Norwegian telecom operator Telenor said it planed to raise up to US$300 million in share sales on the domestic stock exchanges. This was later cut to US$125 million - and now has ended up with the final amount of just US$65 million.
"We are proud of our achievement in having reached this milestone. We remain committed to contributing to the development of the capital markets of Bangladesh and look forward to a successful completion of the largest IPO in the country" said Oddvar Hesjedal, CEO of Grameenphone.
Bangladesh's top mobile phone carrier, Grameenphone controlled by Norway's Telenor (TEL.OL: Quote, Profile, Research), on Thursday filed its final application for an initial public offering (IPO) of $65 million, the country's biggest ever IPO.
The price for the IPO has been proposed at 7.00 taka, subject to Securities and Exchange Commission approval, Grameenphone said.
Last month, Grameenphone cut a planned share sale to $125 million from $300 million due to the sharp downturn in global markets. The revised plan includes a $75 million IPO and $50 million pre-IPO placement.
In the pre-IPO placement, Grameenphone raised a total $60 million at 7.4 taka per share due to strong demand from more than 50 local investors.
Initially the company had hoped to raise $150 million through a private placement and a similar amount through a subsequent domestic initial public offering.
"We are proud of our achievement in having reached this milestone. We remain committed to contributing to the development of the capital markets of Bangladesh and look forward to a successful completion of the largest IPO in the country," said Oddvar Hesjedal, Grameenphone's chief executive.
Citigroup (C.N: Quote, Profile, Research) is underwriting the share sale.
Grameenphone was founded in 1996 by Norwegian telecoms group Telenor, the second-largest foreign operator in Asia, and Grameen Bank, which was launched by microfinance pioneer and Nobel Prize winner Muhammad Yunus.
At end-October, Grameenphone had 20.8 million subscribers, around 48 percent of the nation's total and well ahead of Egyptian Orascom Telecom's ORTE.CA Banglalink and Telekom Malaysia's (TLMM.KL: Quote, Profile, Research) Aktel.
The price for the IPO has been proposed at 7.00 taka, subject to Securities and Exchange Commission approval, Grameenphone said.
Last month, Grameenphone cut a planned share sale to $125 million from $300 million due to the sharp downturn in global markets. The revised plan includes a $75 million IPO and $50 million pre-IPO placement.
In the pre-IPO placement, Grameenphone raised a total $60 million at 7.4 taka per share due to strong demand from more than 50 local investors.
Initially the company had hoped to raise $150 million through a private placement and a similar amount through a subsequent domestic initial public offering.
"We are proud of our achievement in having reached this milestone. We remain committed to contributing to the development of the capital markets of Bangladesh and look forward to a successful completion of the largest IPO in the country," said Oddvar Hesjedal, Grameenphone's chief executive.
Citigroup (C.N: Quote, Profile, Research) is underwriting the share sale.
Grameenphone was founded in 1996 by Norwegian telecoms group Telenor, the second-largest foreign operator in Asia, and Grameen Bank, which was launched by microfinance pioneer and Nobel Prize winner Muhammad Yunus.
At end-October, Grameenphone had 20.8 million subscribers, around 48 percent of the nation's total and well ahead of Egyptian Orascom Telecom's ORTE.CA Banglalink and Telekom Malaysia's (TLMM.KL: Quote, Profile, Research) Aktel.
Analysts predict the number of subscribers in the country could top 70 million by 2011, nearly half its population of more than 140 million.
($1 = 68.88 taka)
($1 = 68.88 taka)
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