Grameenphone granted permission for IPO (Bangladesh)
July 15, 2009
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Bangladesh-based mobile carrier Grameenphone is expected to launch its initial public offering (IPO) soon as it has been granted the required permission by the Securities and Exchange Commission. The company, which is 62 per cent owned by Norway's Telenor, is planning to raise around 10 per cent of its share capital through IPO and pre-IPO proceeds. Grameenphone raised $60 million through a pre-IPO private placement with local institutional investors in December 2008, and aims to raise another $65 million through the IPO.
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