GP submits IPO proposal to SEC today
FE Report | Tuesday, 29 July 2008
The Grameenphone (GP), country's largest mobile telephone company, will submit its proposal for floating the initial public offering (IPO) to the Security and Exchange Commission (SEC) today (Tuesday), sources at the SEC said.
Earlier, its board members approved it on July 21.
GrameenPhone will submit a formal application for the IPO with expected gross proceeds of upto $150 million and subsequent listing on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), sources said.
GP would be the largest-ever IPO in the country and the first by a telecom company.
The board of directors of the company in its last Monday's meeting also decided to conduct a pre-public offer of its shares with expected gross proceeds upto $150 million in addition to the IPO.
Citigroup Global Markets Bangladesh Private Ltd has been appointed as global coordinator, issue manager and lead underwriter of the GP IPO.
The GP submitted an IPO roadmap to the telecom regulator in December 2007 and hoped to offload its shares by the third quarter of 2008. Later, as part of its roadmap, Grameenphone appointed Citigroup Global Markets to evaluate its assets. Capital market analysts feel that Grameenphone's listing will have a positive impact on the market.
The company, which launched its operation in 1997, is 62 percent owned by Norway's Telenor, with the balance 38 percent being held by Grameen Telecom, part of the Grameen Group.
Sources said Grameenphone may adopt the book-building method for the proposed issue.
However, the SEC will hold a press briefing on the issue today (Tuesday).
Earlier, its board members approved it on July 21.
GrameenPhone will submit a formal application for the IPO with expected gross proceeds of upto $150 million and subsequent listing on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), sources said.
GP would be the largest-ever IPO in the country and the first by a telecom company.
The board of directors of the company in its last Monday's meeting also decided to conduct a pre-public offer of its shares with expected gross proceeds upto $150 million in addition to the IPO.
Citigroup Global Markets Bangladesh Private Ltd has been appointed as global coordinator, issue manager and lead underwriter of the GP IPO.
The GP submitted an IPO roadmap to the telecom regulator in December 2007 and hoped to offload its shares by the third quarter of 2008. Later, as part of its roadmap, Grameenphone appointed Citigroup Global Markets to evaluate its assets. Capital market analysts feel that Grameenphone's listing will have a positive impact on the market.
The company, which launched its operation in 1997, is 62 percent owned by Norway's Telenor, with the balance 38 percent being held by Grameen Telecom, part of the Grameen Group.
Sources said Grameenphone may adopt the book-building method for the proposed issue.
However, the SEC will hold a press briefing on the issue today (Tuesday).