Grameenphone slashes fund-raising target to $125 million (Bangladesh)
Grameenphone, Bangladesh’s largest mobile operator, has chopped off the size of it’s share sale to $125 million, half of what it had planned earlier. The descision came with the steep downfall in the worldwide markets.
The telco owned by Telenor Norway with 62% stake, had planned to raise $300 million, with a private placement and a subsequent domestic IPO.
Presently, Grameenphone looks forward to raise only $50 million from pre-IPO placement, with a possibility of increased demand. The IPO which will be launched by year end has also been brought down to $75 million and also extends the time span of private placement due to rising challenges in the global market.
