The New Nation - Internet Edition

Nation Business Report

Grameenphone filed its final application for an initial public offering of $65 million (Tk 449 crore) with the Securities and Exchange Commission on Thursday.

GP's board of Directors had earlier approved a proposal for an IPO of its shares, subject to necessary approvals and market conditions, GP said in a statement.

The price for the IPO has been proposed at Tk 7.00 per share, subject to SEC approval.

The final prospectus was handed over by Grameenphone CEO Oddver Hesjedal to SEC Chairman Faruq Ahmad Siddiqi, said the statement.

"We are proud of our achievement in having reached this milestone. We remain committed to contributing to the development of the capital markets of Bangladesh and look forward to a successful completion of the largest IPO in the country" the statement quoted Hesjedal as saying.

Grameenphone Ltd. also successfully closed the marketing of a pre-IPO private placement of its shares amounting to $60 million (Tk 413 crore) to local institutional investors on Dec 4, 2008, said GP.

The pre-IPO placement offer was over-subscribed by three times due to strong support from more than 50 local institutional investors. In the pre-IPO offer, the company raised a total of $60 million at Tk 7.4 per share, which was increased from earlier size due to the strong demand, said the statement.