The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Bangladesh: Telco surprises with country’s biggest-ever IPO

IPOs are scarce enough as it is in this gruesome global market. But the largest ever IPO from one of the world’s poorest countries, whose previous record deal was in 1994? That’s rarer still.

When Grameenphone lists in Bangladesh later this year, it will be a landmark. According to a statement released after its July 21 board meeting, the telco will raise $300 million, half of it in a pre-public offer private placement, and half in the flotation itself, on the Dhaka and Chittagong Stock Exchanges. Since Dealogic lists the previous record as a $28.9 million listing for Monno Fabrics in December 1994, that’s quite an increase.

Citigroup Global Markets Bangladesh is the global coordinator, issue manager and lead underwriter on the deal. Mamun Rashid, managing director and country officer for Bangladesh, reckons there’s real opportunity in the country’s markets. "Our capital market is coming up," he says. "In 2006 the market cap was $5 billion, in 2007 it was $10 billion, and as of June 30 it has become $13 billion." By that stage, it had come to represent 18.7% of GDP. So there’s appetite, but not a lot to buy. "There is tremendous demand for blue chip shares," he says.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree