SEC to take decision on GP IPO soon
The stock market regulator will take a decision about Grameenphone's (GP) initial public offering (IPO) soon, said a high official of Securities and Exchange Commission (SEC).
"Yes or no, whatever it will be, we should take a decision on GP IPO immediately," the official said, seeking anonymity, adding that the issue will be placed in the commission's meeting soon.
The capital market watchdog may suggest that GP go for the IPO in two phases to make sure that the market will not face any volatility in absorbing the largest-ever issue, The Daily Star has learnt.
The IPO prospectus of the country's largest mobile phone operator is awaiting the SEC approval.
About floating the IPO in two phases, the SEC high official said there is an apprehension that the $65 million (Tk 449 crore) IPO of GP may create volatility in the market. "We will suggest GP split the IPO in two segments," he said.
The IPO in two parts will help the market absorb it easily and without any volatility, he said.
However a GP high official said yesterday he had heard about the SEC's plan to suggest the telecom operator to split the IPO in two. If the SEC puts such a proposal, they (GP) will have to sit with the shareholders to discuss the issue, the official said, seeking anonymity.
Floating IPO in two phases will be difficult at this stage, he added.
Talking to The Daily Star, newly appointed SEC Chairman Ziaul Haque Khondker said: "We will think about all the market stakeholders' interests before taking any decision about the GP IPO."
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