Grameenphone Pre-Public Offer receives strong support

Grameenphone Pre-Public Offer receives strong support


The Grameenphone Pre-Public Offer was over-subscribed by three times due to strong support from more than 50 local institutional investors. On November 11, 2008, following the submission of its preliminary Initial Public Offer (IPO) application to Securities and Exchange Commission, Grameenphone launched the marketing of the Pre-Public Offer (PPO) of its shares to local institutional investors. This three-week long event, which concluded on December 3, 2008, included an informal "price discovery" process between BDT 7-9 per share and gave local institutional investors an opportunity to bid for their desired amount within this marketed range.Commenting on the strong response received from over 50 local institutional investors to the Pre-Public Offer, Grameenphone CEO, Oddvar Hesjedal said, "We are humbled by the response received from institutional investors to participate in the Pre-Public Offer of our shares. We remain committed to serve each and every one of our existing and new shareholders to the best of our abilities to maximize their shareholder value". On November 30, 2008, based on the conclusion from the "price discovery" process, the Board of Directors of Grameenphone, approved the final Price, Size and Allocation of Pre-Public Offer (PPO) and Initial Public Offer (IPO) of its shares, subject to necessary approvals and market conditions.The total issue size is expected to be up to USD 125 million for PPO and IPO combined. In the Pre-Public Offer, the company will raise up to a total of USD 60 million at BDT 7.4 per share, which was increased from earlier size due to strong demand. The allocation of shares in the PPO will be distributed in three tranches, namely to institutional investors, Grameenphone employees and Grameen Bank borrowers. Grameenphone also intends to complete all formalities with the Securities and Exchange Commission for their Initial Public Offering at BDT 7.00 per share (a 5.4% discount to the Pre-Public offering).
This press release is not for distribution in the United States. This press release and the information contained herein is not an offer to sell securities in the United States. Securities may not be offered or sold in the United States unless registered pursuant to the U.S. Securities Act of 1933, as amended, or exempt from such registration requirement. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about our company and management, as well as financial statements. No money, securities or other consideration is being solicited by this press release or the information contained herein and, if sent in response to this press release or the information contained herein, will not be accepted.
Corporate Communications DepartmentGrameenphone Ltd.Phone: 9882990email: info@grameenphone.com