Grameenphone submits final IPO application

Grameenphone submits final IPO application
Grameenphone Ltd. has filed its final application for an initial public offering (IPO) of US$65 million (BDT 449 crore) with the Securities and Exchange Commission (SEC) today (December 11, 2008).
Grameenphone's Board of Directors had earlier approved a proposal for an IPO of its shares, subject to necessary approvals and market conditions. The price for the IPO has been proposed at BDT 7.00, subject to SEC approval.
The final prospectus was handed over by Grameenphone CEO Oddver Hesjedal to SEC Chairman Faruq Ahmad Siddiqi. SEC Executive Director Farhad Ahmed, Grameenphone Board Members Dipal Barua from Grameen Telecom, Per Erik Hyland from Telenor and Grameenphone CFO Arif Al Islam were also present on the occasion.
Grameenphone Ltd. has also successfully closed the marketing of a pre-IPO private placement of its shares amounting to US$60 million (BDT 413 crore) to local institutional investors on December 4, 2008. 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 USD 60 million at BDT 7.4 per share, which was increased from earlier size due to the strong demand.
"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" said Oddvar Hesjedal, CEO of Grameenphone.

Citigroup Global Markets Bangladesh Private Ltd. acted as the placement agent for the pre-IPO placement and has been appointed as the Issue manager for the IPO.

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.