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GP launches IPO subscription today

Star Business Report
The subscription of Grameenphone's initial public offering (IPO), the largest of its kind in Bangladesh's capital market history, begins nationwide today.
The subscription will close Thursday for resident Bangladeshis, but will remain open for non-resident Bangladeshis until October 18.
The IPO applications can be submitted at any of 503 branches of 15 selected banks and the Investment Corporation of Bangladesh.
The 15 selected banks are Citibank NA, Bank Asia, BRAC Bank, Dutch-Bangla Bank, Eastern Bank, EXIM Bank, IFIC Bank, Mercantile Bank, National Bank, One Bank, Premier Bank, Standard Chartered Bank, The City Bank, TYust Bank and United Commercial Bank.
As per the final approval from the Securities and Exchange Commission on August 20, Grameenphone, the country's largest mobile phone operator, will float 69,439,400 ordinary shares ofTk 10 each, in addition to aTk 60 premium per share, to raise Tk 486.08 from general public.
The company plans to use the issue proceeds for expanding its network, developing information technology and for other general corporate purposes.
As the market lot has been fixed at 200 shares, a prospective investor will have to depositTk 14,000 with his/her IPO application.
Grameenphone's pre-IPO or private placement of Tk 486.07 crore has been completed in December last year.
Citigroup Global Markets Bangladesh Private Ltd is the issue manager of the IPO.
Norway's telecom giant Telenor owns 62 percent of Grameenphone, launched in 1997, while local Grameen Telecom owns the rest.
AFP adds: Analysts expect the Initial Public Offering (IPO) to raise 141 million dollars and be several hundred times oversubscribed.
"It's the biggest IPO in the capital market since our independence in 1971," Dhaka Stock Exchange President Rakibur Rahman said.
"Almost everyone in the country, who has an account number, is vying for a slice of the pie," he added." Many have already disposed of shares of other companies, while some have even sold gold jewellery to join the bonanza."
Officials said some 150,000 new
share accounts -- a tenth of the total number in the country -- had been opened in the past three months as potential investors readied to qualify to take part in the IPO.
Securities and Exchange Commission Chairman Ziaul Haq Khandekar hailed the IPO as a "watershed event," saying it would bring "depth and maturity" to the country's sharemarket.
"The GP IPO will bring qualitative change to the market I think the move will instil confidence in other major companies to follow suit. It will make the stock market more stable and the centre of our economic activity," he said.