Robi to raise Tk 5 billion thru IPO

Staff Correspondent

22 February, 2020 12:00 AM printer

Robi, the second-largest mobile operator in Bangladesh, is going to raise Tk 5.2 billion from the stock market through an initial public  offering (IPO).

 It plans to issue 523.8 million new shares at Tk 10 each on the Dhaka and Chattogram stock exchanges, Robi’s parent company Axiata Group Berhad announced on Friday.   

The proceeds from the proposed listing will be used to fund Robi’s capital expenditures and enhance its profile as one of the leading mobile telecommunication services in Bangladesh, according to Axiata.

Robi has appointed IDLC Investments Ltd as the issue manager for the IPO.

The process of listing and IPO is expected to be completed by the fourth quarter of 2020, Axiata said.