GP submits final IPO application
Friday, 12 December 2008
FE Report
Grameenphone Ltd lodged the final application for its initial public offering (IPO) of US$65 million (BDT 4.49 billion) with the Securities and Exchange Commission (SEC) Thursday.
Grameenphone's Board of Directors had earlier approved the proposal for IPO placement of its shares, subject to necessary approvals and market conditions, said a press release.
The price for the IPO has been proposed at BDT 7.00, subject to SEC approval.
The final prospectus was handed over by Grameenphone CEO Oddver Hesjedal to SEC Chairman Faruq Ahmad Siddiqi. SEC Executive Director Farhad Ahmed, Grameenphone Board Member Dipal Barua, Per Erik Hyland from Telenor and Grameenphone CFO Arif Al Islam were also present on the occasion. Grameenphone Ltd. has also successfully closed the marketing of a pre-IPO private placement of its shares amounting to US$60 million (BDT 4.13 billion) to local institutional investors on December 4, 2008. The pre-IPO placement offer was over-subscribed by three times due to strong support from more than 50 local institutional investors. In the pre-IPO offer, the company raised a total of USD 60 million at BDT 7.4 per share, which was increased from earlier size due to the strong demand.
"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.
Citigroup Global Markets Bangladesh Private Ltd. acted as the placement agent for the pre-IPO placement and has been appointed as the Issue manager for the IPO.
Grameenphone Ltd lodged the final application for its initial public offering (IPO) of US$65 million (BDT 4.49 billion) with the Securities and Exchange Commission (SEC) Thursday.
Grameenphone's Board of Directors had earlier approved the proposal for IPO placement of its shares, subject to necessary approvals and market conditions, said a press release.
The price for the IPO has been proposed at BDT 7.00, subject to SEC approval.
The final prospectus was handed over by Grameenphone CEO Oddver Hesjedal to SEC Chairman Faruq Ahmad Siddiqi. SEC Executive Director Farhad Ahmed, Grameenphone Board Member Dipal Barua, Per Erik Hyland from Telenor and Grameenphone CFO Arif Al Islam were also present on the occasion. Grameenphone Ltd. has also successfully closed the marketing of a pre-IPO private placement of its shares amounting to US$60 million (BDT 4.13 billion) to local institutional investors on December 4, 2008. The pre-IPO placement offer was over-subscribed by three times due to strong support from more than 50 local institutional investors. In the pre-IPO offer, the company raised a total of USD 60 million at BDT 7.4 per share, which was increased from earlier size due to the strong demand.
"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.
Citigroup Global Markets Bangladesh Private Ltd. acted as the placement agent for the pre-IPO placement and has been appointed as the Issue manager for the IPO.