Grameenphone issue launched in the stock exchanges
Nov 16, 2009
Formal approval for the listing of Grameenphone shares was granted at two simple ceremonies, organized separately at the Dhaka Stock Exchange and Chittagong Stock Exchange offices respectively, earlier today, 16 November 2009.
Mr. Oddvar Hesjedal, CEO; Mr. Raihan Shamsi, CCAO & Company Secretary and AKM Anwarul Kabir, Head of Investor Relations, were present on behalf of Grameenphone Ltd. Mr. Rakibur Rahman, President, Dhaka Stock Exchange, and Grameenphone board members, among other senior DSE, SEC, GP officials and distinguished guests were also present.
Mr. Arnfinn Groven, CHRO; Mr. Sadat Hossain, Deputy Company Secretary, of Grameenphone were present at the ceremony organized at the Chittagong Stock Exchange office in Chittagong.
The Grameenphone issue was formally declared open for trading at the conclusion of the signing of the Listing Agreement, which gave the go ahead for the Grameenphone shares to begin trading in the Dhaka and Chittagong stock exchanges on the same day.
“Our listing has been a major milestone on many fronts,” said the Grameenphone CEO, “this launch marks not only the largest listing for the stock exchanges in the country but fulfillment of a promise to take this company closer to Bangladeshis.”
Thanking the regulators and financial partners for bringing the company into the stock market so smoothly, the CEO added that “Grameenphone's entry into the market indicates a new depth for the local bourses and probably the defining moment for many other larger companies to follow Grameenphone into the local bourses.”
Following the formal approval for Grameenphone's initial public offering (IPO) by The Securities and Exchange Commission (SEC) of Bangladesh earlier in August, the subscription process opened on 4 October 2009 and continued till 8 October 2009 to overwhelming response. The offering was subscribed by more than three times.
The subsequent IPO Lottery was concluded at the Bangabandhu International Convention Center (BICC) on 28 October 2009, amidst huge, unprecedented participation from investors and the interested general public.
In total 316,496 new Grameenphone shareholders have been added through the IPO and a pre-placement offer (PPO) process.