GrameenPhone delays IPO plans led by economic crunch (Bangladesh)
GrameenPhone, Bangladesh, delays its IPO plans led by economic breakdown globally. Anders Jensen, CEO GrameenPhone, says that the telco has postponed the pre-IPO process due to hesitancy among international investors, and now expects the shares to be floated in February 2009. The operator had earlier sought to raise $300Mn half through a private placement and half via a subsequent domestic IPO. But now the Bangladeshi operator hplans to raise $50Mn in the pre-IPO sale, subjected to an rise if demand exceeds expectations, and $75Mn in an IPO on the Dhaka and Chittagong stock exchanges.
