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BSEC approves Robi’s IPO

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Staff Reporter
Bangladesh Securities and Exchange Commission (BSEC) yesterday approved Robi’s initial public offering (IPO) as the second mobile phone operator in the capital market which is expecting to boost the market capitalization significantly.
With an issue size of Taka 5,237 million endorsed by the 741st Commission meeting, Robi is set to be the biggest ever IPO in Bangladesh, said a press release.
Country’s second largest mobile phone operator will raise the amount from the market by issuing 523 million shares at a face value of Taka 10.
Of the Taka 5,237 million, Robi will collect Taka 1360 million from its employees.
This is the biggest IPO in the history of Bangladesh followed by the country’s leading mobile phone operator Grameenphone that raised Taka 4,860 million in 2009.
Robi said the IPO proceeds will be used for its network expansion.
Robi submitted its IPO proposal on March 2 to float 10 percent under fixed price method.
Terming this IPO approval as a historical moment for the operator, Robi Chief Corporate and Regulatory Officer Shahed Alam in a statement thanked the BSEC to provide opportunity to Robi becoming the largest IPO offloaded company in the capital market.