GP's IPO lottery held
Wednesday, 28 October 2009

Grameenphone's lottery for allotting initial public offerings was held on Wednesday at the Bangabandhu International Conference Centre in Dhaka.

Aspirants for the long-awaited IPO can check the results on the GP website as well as on the websites of the country's twin bourses, the country's largest mobile-phone operator said in a statement .

A good number of people flocked to the venue from morning as the IPO created hype among the investors since its annoucement.

The lottery was conducted under the management of the Bureau of Research, Testing & Consultation, the consultation wing of the Bangladesh University of Engineering & Technology (BUET).

Out of the total of 312,501 shares, local investors were allocated 277,757 shares, a further 34,720 went to non-resident Bangladeshis and 24 to mutual funds, according to figures provided by GP.

GP chief executive Oddvar Hesjedel, speaking on the occasion, thanked the regulators, issue managers and all other stakeholders for their cooperation to make the IPO a reality.

"As we end this day, we will have converted Grameenphone from a company that is not only close to the people but a company that the people are also close to as well."

The company in a statement hoped that trading of the GP shares on Dhaka and Chittagong stock exchanges will start in Nov upon approval from the regulators and bourse authorities.

Grameenphone's record initial public offering ended Oct, with total subscriptions over three times the issue target. Though the subscription closed on Oct 8 for locals, NRBs had until 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.

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.

Source: bdnews24.com

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