grameenphone-starts-public-subscription-for-70-million-ipo

Grameenphone starts public subscription for $70 million IPO

The long-awaited IPO of Bangladeshi mobile phone company Grameenphone will be the country's largest ever listing.

Grameenphone, Bangladesh's largest mobile phone operator, is currently taking orders for an initial public offering that is expected to raise Tk4.86 billion $70.8 million. If completed, Grameenphone will be Bangladesh's largest ever listing.

The company is selling 69.44 million shares at a fixed price of Tk70 each. The public offering comes in two stages the order book for local subscribers opened on Sunday and is expected to close tomorrow. Non-resident Bangladeshis will be able to put in orders until October 18.

There are expected to be as many as a million applicants for the shares, which will make for a time consuming allocation process -- it may take as long as 30 days. The...

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