Robi set to make capital market debut Dec 24

Robi Axiata Limited, the country’s leading digital service provider, is going to hit the trading floors in Dhaka and Chittagong stock exchanges on December 24.

The company will start trading under ‘N category’ with the trading code ‘ROBI’.

With Tk 523.7 crore initial public offering (IPO), Robi’s debut is going to be the largest-ever issue in the history of the country’s capital market, the company said in a press release. The monumental listing had been oversubscribed by 5.74 times.

Robi submitted its IPO application to the Bangladesh Securities and Exchange Commission (BSEC) on March 4 this year to float 10 percent (including employee shares) or 52.37 crore of the shares under the fixed-price method.

BSEC approved Robi’s IPO on Sep 23, allowing it to raise funds by issuing shares at Tk 10 per share.

A total of 1,280,425 IPO applications were submitted for Robi’s IPO, out of which 465,290 applicants were selected as winners through lottery. Robi’s Company Code for Dhaka Stock Exchange (DSE) is 27003 under Telecommunication sector, while the same for Chittagong Stock Exchange (CSE) is 26003.

Prior to the much-awaited debut on Dec 24, a Listing Agreement signing ceremony will take place on the same day at 9:30am in DSE’s office at Nikunja. The agreement will be signed by the management of Robi and DSE.

Robi’s Chief Corporate and Regulatory Officer Shahed Alam said, “We’re immensely proud to be on the verge of making our debut in the stock markets with the largest ever IPO.

“We express our heart-felt gratitude to BSEC, DSE, CSE, CDBL, BUET, and of course, our visionary regulator, BTRC for all the support and assistance extended to us in making this listing possible.

“Our focus will now turn to make sure we deliver the most innovative digital lifestyle solution to our customers while safeguarding the interest of our valued local and foreign shareholders.”

Source: United News of Bangladesh