 | Grameenphone gets final go-ahead for IPO
03 July, 2009
The country's largest mobile phone operator Grameenphone would float shares with two-three months after its initial public offering (IPO) was on Thursday given final clearance by the securities regulator, officials said.
The approval of what's going to be the country's largest IPO comes after months of anticipation and long dialogue between the Securities and Exchange Commission (SEC) and the GP, on changes in its face value.
The total size of the GP issue is going to be Tk 8460.06 million (118.07 million shares), of which 58.8 per cent or Tk 4860.7 million would be sold to general investors and 41.2 per cent or Tk 3599.36 million for institutions.
The face value of the GP share would be Tk 10 with a premium of Tk 60. The existing paid up capital is Tk 12152 million and net asset value Tk 22.70.
Oddvar Hesjedal, the GP chief executive officer, said the approval would lead to an "expeditious" listing of the company in Dhaka and Chittagong bourses.
"We are very pleased to have received the official consent from the SEC. We are ready and will be following a fast process fore fulfilling of certain necessary conditions and formalities," he said.
A SEC official told the FE that the floatation would be completed within the next three months. "It won't go beyond September," he said, speaking on condition of anonymity.
Officials at the securities regulator said they gave the final IPO clearance on Thursday. "With approval the IPO of GP today, the long waiting has ended successfully," Farhad Ahmed, executive director of the SEC, said.
Release link:http://www.thefinancialexpress-bd.com/2009/07/03/71837.html
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