Grameenphone revises IPO plan (Bangladesh)

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Grameenphone revises IPO plan (Bangladesh)

December 15, 2008

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Due to a sharp downturn in global markets, Bangladesh's largest mobile operator, Grameenphone, has revised its initial public offering (IPO) plan. The company now intends to sell shares worth $125 million compared to $300 million planned earlier. The company is planning to raise $50 million through a pre-IPO placement, and another $75 million through the IPO. Meanwhile, Grameenphone, which is 62 per cent owned by Norway's Telenor, is also in the process of raising funds of around $62 million by selling bonds in the local capital market.

It will invest the proceeds of the bond issue in improving infrastructure and in repaying a portion of the company's short-term debt.