GP's record IPO closes with over 1m applications
Monday, 19 October 2009

Grameenphone's record initial public offering ended Sunday for non-resident Bangladeshi (NRB) investors, with total subscription over three times the issue target.

Though the subscription closed on Oct 8 for locals, NRBs could submit their applications until Sunday (Oct 18).

Subscription of the Tk 4.86 billion offering, the largest in the country's history, opened on Oct 4, creating a stampede of investors which forced banks to open extra desks to accept all the applications.

The long-awaited IPO attracted subscriptions worth Tk 17.25 billion from over one million prospective investors.

A web-post of the Chittagong Stock Exchange said that about 1.08 million applications from local investors alone amounted to a subscription of Tk 16.57 billion.

Meanwhile, NRBs submitted Tk 670.987 miliion worth subscription, said a CSE official.

"The Securities and Exchange Commission sent us a letter containing these figures," AKM Shahroze Alam, manager of the port city bourse's corporate development wing, told Monday.

GP authorities also confirmed the figures.

An official, preferring anonymity, said that the company had sent a preliminary report to the SEC, where the figures were stated.

The Securities and Exchange Commission, on Aug 20, cleared the country's largest mobile-phone operator to float 69,439,400 ordinary shares of Tk 10 each, in addition to a Tk 60 premium per share.

The pre-IPO or private placement of Tk 486.07 crore was completed in December last year.

Norway's telecom giant Telenor owns 62 percent of Grameenphone, launched in 1997, while the local Grameen Telecom owns the rest.


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