Robi plans to go public

Robi, the second largest mobile operator in Bangladesh, is seeking to raise Tk 5.2 billion from the capital market through an initial public offering (IPO), reports bdnews24.com. 

It plans to offload about 523.8 million shares at 10 taka each on the Dhaka and Chattogram stock exchanges, Robi's parent company Axiata Group Berhad announced in a Malaysian stock exchange filing 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.

The move will also provide an opportunity for Bangladeshi and global investors, including eligible directors and employees of Robi to become its shareholders and participate in the future performance of the firm by way of direct equity participation.

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.