InfoAnda - Bangladesh set for record IPO

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Bangladesh set for record IPO AFP - Thursday, October 1 Send IM Story Print Bangladesh set for record IPO Slideshow: Full Photo Coverage: Business & Economy DHAKA (AFP) - – Bangladesh's largest mobile phone provider Grameenphone will launch the country's biggest public sale of shares on Sunday, a move seen as a key test for the national stock exchange. Analysts expect the Initial Public Offering (IPO) to raise 141 million dollars and be several hundred times oversubscribed. "It's the biggest IPO in the capital market since our independence in 1971," Dhaka Stock Exchange president Rakibur Rahman told AFP. "Almost everyone in the country who has an account number is vying for a slice of the pie," he added. "Many have already disposed of shares of other companies while some have even sold gold jewellery to join the bonanza." Grameenphone, 62 percent owned by Telenor of Norway, is selling a 10 percent stake to institutional and private investors, with 69.44 million shares up for grabs. Subscriptions for the shares will continue until October 18. The face value of the shares has been fixed at 10 taka (seven cents) with a 60 taka premium on each share. A private investor can buy a maximum of 200 shares. Officials said some 150,000 new share accounts -- a tenth of the total number in the country -- had been opened in the past three months as potential investors readied to qualify to take part in the IPO. Grameenphone is 38-percent-owned by Grameen Telecom, a subsidiary of micro-finance giant Grameen Bank, which was set up by 2006 Nobel peace prize winner Muhammad Yunus. It has around 21 million of Bangladesh's fast growing 46 million cellular subscriber base. Securities and Exchange Commission chief Ziaul Haq Khandekar hailed the IPO as a "watershed event," saying it would bring "depth and maturity" to the country's share market. "The GP IPO will bring qualitative change to the market. I think the move will instil confidence in other major companies to follow suit. It will make the stock market more stable and the centre of our economic activity," he said. The Dhaka Stock Exchange, which hosts companies with a market capitalisation of around 15 billion dollars, is tiny compared to other bourses in Asia. The market frequently suffered from rogue trading and unbridled speculation, DSE president Rahman said. Investment banker Yawer Sayeed said many of the 300-plus companies traded in the market "are simply trash." "Speculation is so rampant. Trading is often dominated by companies that exist only in name," he said. In 1996, the DSE index collapsed from an all-time high of 3,600 points to fewer than 500 points, prompting stricter new rules on trading. The market still lacks top local companies and solid foreign investment, Sayeed said. "But now the Grameenphone IPO has created a huge positive buzz that we have for years been looking for. It is the largest Bangladeshi company in terms of revenue and it is the most recognised brand," he said. Recommend Send IM Story Print Related Articles Nikkei hits 2-month low as yen hurts exporters Reuters - Thursday, October 1 Indonesia aims to raise 2 trln rph from debt sales Reuters - Thursday, October 1 India Hot Stocks:Gulf Oil Corp rises on stake sale plans Reuters - Thursday, October 1 Indian shares turn negative after rising 0.4 pct Reuters - Thursday, October 1 Comcast denies it has deal to buy NBC Universal Reuters - Thursday, October 1 News Search Top Stories Embattled Bank of America CEO Lewis to retire US superrich lose 300 bln dlrs in a year: Forbes GDP revision shows recession winding down UN demands end of sexual violence as tactic of war German unemployment falls More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended France Telecom boss under fire over staff suicides Fresh violence in Guinea after stadium bloodbath Film world backs Polanski as he fights Swiss arrest Xerox to buy ACS for $6.4 bln UN demands end of sexual violence as tactic of war More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Nanoparticles could pose threat to humans: scientists Remains of Jesus-era synagogue found in Israel Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! 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