Bangladesh Securities and Exchange Commission (BSEC) has approved the IPO of Robi Axiata Limited on Wednesday in its 741st commission meeting.
With an issue size of Tk 5,237 million, Robi is set to be the biggest ever IPO in Bangladesh, said a press release.The country’s top Cell-phone operator GP had already launched IPO in the market.
IPO proceeds will be used for network expansion. As the second entrant of the telecommunication sector in the capital market, the listing of Robi will significantly boost the market capitalization.
IDLC Investments as the issue manager for the IPO, takes immense pride to be a part of this exciting journey. IDLC also worked as corporate advisor in the Robi-Airtel merger back in 2016, one of the largest merger and acquisition transactions in Bangladesh.
Arif Khan, CEO and Managing Director of IDLC said “We are really proud to be the issue manager for this largest IPO. We believe this initiative will further foster the growth of the telecommunication sector. IDLC will continue introducing such well-governed companies, bringing a positive impact in Bangladesh’s capital market”
The approval reiterates IDLC’s commitment to bring well governed companies into market and testifies its continued leadership in the investment banking landscape of the country. IDLC was also awarded by Euromoney as “Best Investment Bank in Bangladesh” for consecutive three years since 2018.
Apart from IPO, merger and acquisition, IDLC Investments is also engaged in portfolio management and margin lending business. IDLC looks forward to bring quality IPOs in near future and help to build a better investment ecosystem in the capital market of Bangladesh.Shahed Alam, Chief Corporate and Regulatory Officer, Robi Axiata Limited said,
“We would like to thank the BSEC for kindly approving our IPO application. This is indeed a historic moment for Robi. We are immensely proud to be coming to the stock markets with the largest ever stock listing.”
The approval to enlist in the country’s stock markets paves the way for the people of the country to become shareholders, he said.
We hope that the government will positively consider certain conditions, we had placed for enlistment in the interest of the prospective investors, according to him.
“We look forward to the support of our prospective shareholders to create a Bangladesh that thrives on innovation.