Bangladeshi mobile operator GrameenPhone will open subscriptions to its initial public offering (IPO) in October 2009. GrameenPhone, 62 per cent of which is owned by Norway's Telenor, hopes to raise $68 million through the sale of 69.44 million shares on the Dhaka and Chittagong stock exchanges. The Bangladesh-based operator raised $60 million in a three times oversubscribed pre-IPO private share placement to local institutional investors in December 2008. The company also stands to gain from a 10 per cent tax cut given to Bangladeshi operators that list on domestic bourses. GrameenPhone had 21.15 million subscribers as of end-June 2009, claiming a 44 per cent market share.