Mobile phone operator Robi has submitted an application to the Bangladesh Securities and Exchange Commission (BSEC) for listing the company on the Dhaka and Chittagong stock exchanges.
Robi's parent company Axiata Group Berhad made the disclosure on Monday, Reuters reported citing Bursa Malaysia.
According to the announcement, Robi had, on March 2, submitted an application in relation to the proposals to the Bangladesh Securities and Exchange Commission.
As per Bursa Malaysia’s website, the announcement description was mentioned as “proposed listing of Robi Axiata Limited, a 68.69%-owned subsidiary of Axiata, on the Dhaka Stock Exchange Limited and the Chittagong Stock Exchange Limited in Bangladesh.”
Earlier on February 21, Robi, the second largest mobile operator in Bangladesh, announced plans to raise Tk523.80 crore from the capital market through an initial public offering (IPO).
The company unveiled its plan to offload about 523,800,000 shares at Tk10 each on the Dhaka and Chittagong stock exchanges.
Robi has appointed IDLC Investments Ltd as the issue manager for the IPO but so far they have not applied for listing.
The process of listing and IPO is expected to be completed by the fourth quarter of 2020, Axiata said.
