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As a result, Robi Axiata is the largest IPO holder in the country, said IDLC Investments, the issuance manager.
Previously, Grameenphone, the leading company in the telecommunications sector, had the highest initial public offering on the capital market at Tk 48.06 crore.
In a press release on Wednesday, the regulator at the Bangladesh Securities and Exchange Commission (BSEC) said it had approved the IPO of Robi Axiata Limited.
Robi Axiata thanked BSEC for approving the IPO application.
In a statement, Shahed Alam, the company’s corporate and regulatory director, said: “This is definitely a historic moment for Robi. We are going to rank as the largest share capital in the history of the stock market, of which we are very proud. .
“The approval to list on the stock exchange created an opportunity for people to become Robi partners.”
With this approval, he asked the government to kindly consider Robi’s ‘expectations’ in the interest of investors.
Under pressure from BSEC, Robi Axiata agreed to launch an initial public offering in the capital market, but offered two conditions.
One. As a mobile phone company, Robi now pays a 0.75 percent turnover tax instead of 2 percent.
Two. Under current regulations, Robi will pay a 35% tax instead of the 45% corporate tax. And this benefit will apply for ten years.
However, no response has been received from the government on these two conditions.
Robi Axiata will issue 52 crore 36 lakh 93 thousand 334 shares at a face value of Tk 10 in the capital market to raise a total fund of Tk 523 crore 69 lakh 33 thousand 340. Robi will spend this money on the expansion of the network and the IPO.
Robi Axiata, the second largest telecommunications company in Bangladesh, started operations on October 22, 1995. The managing director of the company is Mahatab Uddin Ahmed and the president is Mohammad Ijazuddin bin Idris.
According to the financial report of Robi Axiata Limited, the company made a profit of Tk 24 crore in 2015. In 2016, the company incurred a loss of Rs 69.31 crore. In 2016, he made a loss of 1 crore 5 lakh. In 2016, he made a profit of 21 crore 46 lakh and in 2019, he made a profit of 1 crore 89 lakh.
According to the 2019 financial report, the company’s total assets amount to 17,198 crore.
According to the 2019 financial report, the value of the company’s assets per share is 12 rupees 74 paise and the earnings per share is zero point 4 paise.
IDLC Investments is in charge of managing the issuance of the IPO of Robi Axiata Limited.
Robi will raise how much money leaving how many shares
IDLC Investments Limited, which is in charge of Robi’s IPO issuance manager, said that Robi will raise Tk 36.64 crore from the Bangladesh capital market.
For this, they will issue 36 crore 7 lakh 42 thousand 400 shares. The par value of each share will be Rs 10.
Apart from this, Robi has sold another 13 crore 80 lakh 50,934 shares to his employees. From there they got 138 crore 5 lakh 9,340 rupees.
In total, Robi will raise 523 crore 89 lakh 33 thousand 340 rupees of 52 crore 36 lakh 93 thousand 334 shares.
Robi has received the participation of the officials and employees. Robi’s IPO prospectus states that employee shares will be paid after BSEC approval.
Information technology sector development will accelerate: IDLC
Arif Khan, Managing Director and Chief Executive Officer of IDLC Finance Limited, expects information technology development in Bangladesh to accelerate further as Robi Axiata goes public.
Optimism was expressed in a press release issued by its IDLC issuance manager after BSEC approved Robi’s IPO.
Arif Khan said: “We believe that the funds raised through this Robi Axiata IPO will accelerate the development of information technology.
“As a problem manager, we are very proud to be a part of Robi’s achievement. IDLC will continue to have such positive activities in the future.”
IDLC has been awarded as the ‘Best Investment Bank of Bangladesh’ by Euromoney for three consecutive years since 2016.
In addition to IPOs, consolidations and acquisitions, IDLC is involved in portfolio management and the margin loan business.
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