Bangladeshi mobile operator GrameenPhone will launch its initial public offering (IPO) in October 2009.

Bangladeshi mobile operator GrameenPhone will launch its initial public offering (IPO) in October 2009. GrameenPhone, which is 62 per cent owned by Norway’s Telenor, hopes to raise $68 million through the sale of 69.44 million shares on the Dhaka and Chittagong stock exchanges. GrameenPhone has already raised $60 million in a pre-IPO private share placement, oversubscribed by three times, with local institutional investors in December 2008. The company will benefit from the 10 per cent tax cut given to Bangladeshi operators that list on domestic bourses.

GrameenPhone had 21.15 million subscribers as of end-June 2009, with a market share of 44 per cent.