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Robi coming to stock market with ‘biggest IPO’

Robi Axiata Limited, the second largest mobile phone operator in Bangladesh, has been given greenlight for stock market launch with the biggest initial public offerings (IPO) in the country’s history.

 

The announcement was made by regulatory body Bangladesh Securities and Exchange Commission (BSEC) on Wednesday, Robi said in a press release.

 

This is the biggest IPO in the history of the country’s capital market, the regulator said.

 

The premium has been set at Tk 10 with a view to raising Tk 523 crore from the market.

 

Analysts believe that the IPO will have a positive impact on the country’s stock market and help revive the capital market.

 

“We’d like to thank BSEC for approving our IPO. This is indeed a historic moment for Robi. We’re immensely proud to be coming to the stock markets with the largest-ever stock listing,” said Shahed Alam, Chief Corporate and Regulatory Officer, Robi Axiata Limited.

 

The approval to enlist in stock markets paves the way for the people of the country to become shareholders of the company, Alam said.

 

“We hope that the government will positively consider certain conditions we had placed for enlistment in the interest of the prospective investors.”

 

“We look forward to the support of our prospective shareholders to create a Bangladesh that thrives on innovation.”

 

Robi submitted an application to BSEC on March 2 this year to list on the stock market.

 

In 2009, Grameenphone raised Tk 486 crore from the capital market.

 

Source: United News of Bangladesh