GP submits IPO proposal to SEC

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Grameenphone (GP), the country's leading cell phone operator, submitted application for issuing initial public offerings (IPO) to the Securities Exchange Commission (SEC) on Tuesday.

Chief financial officer (CFO) Md Arif Al Islam submitted the application seeking to raise $300 million, of which $150 million from the country's stock markets through IPO and the rest through private placement for developing its network.

It will be the largest-ever IPO in the country and first by a telecom company.

The board of directors of the cell phone company in its July 21 meeting decided to launch the IPO. The price of the share has been set at Tk18 including a premium of Tk17. The value of the company asset has been valued at $ 3.2 billion.

Citigroup Global Markets Bangladesh Private Ltd has been appointed as global coordinator, issue manager and lead underwriter of the GP IPO.

Capital market analysts feel that GP's listing will have a positive impact on the market.

Launched in 1997, the company's 62 per cent share is owned by Norway's Telenor and 38 per cent by Bangladesh's Grameen Telecom.