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largest in Bangladesh's capital market history, ends today amid signs
of overwhelming responses from prospective investors. For
non-resident Bangladeshis, the subscription will continue until
October 18. "We are receiving very positive responses from IPO
applicants," said Mesbah Ahamed, head of operations of Citigroup
Global Markets Bangladesh Private Ltd, the issue manager of the IPO.
The IPO has already been oversubscribed, said Ahamed, who visited 20
branches of different banks in the city and witnessed long queues of
applicants there. A similar picture was seen at 503 branches of the
15 selected banks and Investment Corporation of Bangladesh where the
prospective investors, comprising retired officials to students,
lined up to deposit money against Grameenphone shares. "The final
report on IPO subscription will be available next week," he said.
Grameenphone, the country's largest mobile phone operator, looks to
raise Tk 486.08 crore from the public by issuing 69 ,439 ,400
ordinary shares worth Tk 10 each, in addition to a Tk 60 premium per
share. Grameenphone, which received the final approval from the
Securities and Exchange Commission on August 20 , will use proceeds
from the issue to expand its network and develop information
technology and for corporate purposes. Grameenphone is 62 percent
owned by Telenor of Norway and the rest by Grameen Telecom, a
subsidiary of micro-finance giant Grameen Bank, which was set up by
Nobel peace prize winner Muhammad Yunus. It has around 21.16 million
of Bangladesh's fast growing 48 million cellular subscriber base.
It is also the country's largest private company by revenue.
