News From Telecom World

GP again eyes Dec listing, halves IPO

Posted on: November 12, 2008

Grameenphone has submitted a fresh application to the Securities and Exchange Commission for listing in the capital market, but this time it has halved the original IPO target.

“We are now resubmitting our IPO with the SEC meaning that over the next month we will have Grameenphone listed in Bangladesh,” Grameenphone’s new CEO Oddvar Hesjadal said at a press conference on Tuesday at the Dhaka Sheraton.

The chief financial officer, Arif Al Islam said that the largest mobile operator by subscription in the country would look to raise up to $75 million from the capital market through the IPO, and up to $50 million from institutional investors through a pre-public offering.

The company had previously submitted a draft prospectus in July for an IPO of around $150 million from the market and around $150 million from private placements.

Hesjadal, who was appointed new CEO on Monday, said: “This is important not only for us, it is also important for the financial market in Bangladesh.”

He said GP submitted a preliminary application on Tuesday; after conducting a pre-public offer for institutional investors. They would submit the final application within two weeks.

“The shareholders of Grameenphone remain committed to the IPO, to develop the Bangladesh capital market and to share Grameenphone’s success with its future shareholders,” he said.

Grameenphone’s board of directors approved the proposal for an IPO of its shares on Monday, subject to necessary approvals and market conditions.

After submitting its previous prospectus in July, GP last month had formally extended its transaction timetable in light of the “challenging global financial climate” and tardy response from institutional investors.

On Sunday, the mobile operator announced deals made with ten institutions to raise Tk 4,250 million in bonds through private placements.



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