Norway-based, Telenor, today conducted lottery to allocate shares as part of its listing in the Bangladeshi stock exchange. The company is raising $ 70.65 million or 4.86 billion Takas through the IPO.

It has issued about 69.44 million shares priced upwards of 70 Takas per share. In today’s lottery, out of the total 312,501 shares, local investors were allocated 277,757 shares, non-resident Bangladeshis 34,720 and mutual funds 24. It has already raised Takas 486.07 crore from pre-IPO private placement in December last year.  

“As we end this day, we will have converted Grameenphone from a company that is not only close to the people but a company that the people are also close to as well,” says CEO, Oddvar Hesjedel.

The operator has more than 21 million subscribers and about 47 % market share. Telenor has 62 % stake in the JV.

Citigroup Global Markets Bangladesh Pvt. Ltd. is managing the issue.