Due to a sharp downturn in global markets, Bangladesh’s largest mobile operator, Grameenphone, has revised its initial public offering (IPO) plan.

Due to a sharp downturn in global markets, Bangladesh’s largest mobile operator, Grameenphone, has revised its initial public offering (IPO) plan. It now intends to sell shares worth $125 million, compared to the $300 million planned earlier. The company is planning to raise $50 million through a pre-IPO placement and another $75 million from the IPO. Meanwhile Grameenphone, which is 62 per cent owned by Norway’s Telenor, is also in the process of raising around $62 million by selling bonds in the local capital market. It will invest the sales proceeds in improving infrastructure and in repaying a portion of the company’s short-term debt.