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22 February, 2020 08:44:04 AM

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Robi eyes to raise Tk 5.2b through IPO in Bangladesh

Staff Reporter, Dhaka
Robi eyes to raise Tk 5.2b through IPO in Bangladesh

The second largest mobile phone operator of the country, Robi Axiata Ltd is eyeing to raise Tk 5.2 billion from Bangladeshi market through IPO. 

Axiata Group Bhd, the parent company of Robi Axiata Ltd, plans to offload the money via new shares at a face value of Tk10 each on the Dhaka Stock Exchange Ltd, the prime bourse of Bangladesh, and the port city bourse Chittagong Stock Exchange Ltd.

Among the new shares, 523.8 million shares will be offered to the public in the IPO, which will represent 7.4 per cent of the company's post IPO number of shares. 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.

Shahed Alam, chief corporate and regulatory officer of Robi said, “We got the conditional permission from our parent company for a prospective listing in the capital market through an initial public offering (IPO).” He said, “Among the conditions Axiata Group has given Robi is to reduce the corporate tax at least 10 per cent points, which is 45 per cent at present”,

“The second one is discussing with the government to withdraw the two percent minimum income tax on over-all revenue, which the government has imposed from the current fiscal”, Shahed Alam added. Robi's subscriber base currently stands at 46.9 million, representing 29.9 per cent of the subscriber market share. Robi Axiata Limited is a joint venture between Axiata Group of Malaysia, Bharti Airtel, of India and NTT Docomo Inc., of Japan. Axiata holds 68.7 per cent controlling stake in the entity, Bharti holds 25 per cent while the remaining 6.3 per cent is held by NTT Docomo of Japan.

Axiata, however, will continue to be the controlling shareholder of Robi post-completion of listing. The proceeds would mainly be utilised for network expansion, it said.

Robi is a mobile telecommunications service provider in Bangladesh providing voice, data and other internet-based innovative digital services. Robi also provides international roaming services through international roaming agreements with various operators of different countries across the world.

Robi was the first operator to introduce GPRS and 3.5G services in the country. It is the first company to launch 4.5G service in all the 64 districts of the country.  

BK

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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