News From Telecom World

GP seals $60m pre-IPO deals

Posted on: December 7, 2008

Grameenphone (GP) yesterday (4 Dec ‘08) sealed its $60 million worth pre-IPO deals with 50 institutional investors, aiming to start trading on secondary market by end-January.

The price of each GP share is expected to be Tk 7 after the cellphone major built price following a ‘price discovery’ procedure as the pre-IPO process completed Wednesday (3 Dec ‘08).

Market insiders said some high-net-worth individuals joined the race and invested through merchant banks.

Winners got GP shares at Tk 7.4 each through pre-IPO (initial public offering) or private placement, GP said in a statement yesterday (4 Dec ‘08).

A total of 326,441,000 shares have been allocated for local institutional investors and 23,310,900 shares for Grameen Bank borrowers and GP employees.

The face value of a share is Tk 1.

“Our pre-IPO subscription has been completed,” a GP high official said, adding that the company is now getting ready for the debut of $65 million IPO by end-January.

The official, however, said GP’s planned IPO trading is subject to stock market regulator’s approval. “We will submit the final IPO proposal to the SEC in a few days.”

GP in July submitted its plan to raise $300 million (Tk 2,058 crore) — $ 150 million from the stock market and the rest through private placement or pre-IPO. However the company in October said it cut its planned IPO to $125 million.

Source: Daily Star

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