Grameenphone Shares Soar on Initial Day of Trading

­Bangladesh based Grameenphone has started trading its shares on the stock exchanges in Dhaka and Chittagong following an oversubscribed IPO - and nearly tripled in value in early trading. The company had raised US$70.9 million from the floatation.

"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."

Grameenphone will be the largest corporate house to float shares in the Dhaka and Chittagong stock exchanges. In total 316,496 new Grameenphone shareholders have been added through the initial public offering (IPO) and a pre-placement offer (PPO) process.

"The Telenor Group has always had a strong commitment to the development of mobile services in Bangladesh. Over the years Grameenphone has provided connectivity, and introduced innovative services that have contributed to both economic and social growth", said Hilde Tonne. "With the listing of Grameenphone the people of Bangladesh now has the opportunity to be co-owners, and participate in the further development of the company"

Following today's listing Telenor's ownership in Grameenphone will be reduced from 62% to 55.8%.

Posted to the site on 16th November 2009