Robi makes stock market debut on Dec 24

Robi Axiata Ltd, the second-largest mobile phone operator in Bangladesh, is set to make its much-awaited debut on the capital market on Dec 24.

The company will start trading under 'N' category with the trading code ‘ROBI’, it said in a statement on Monday.

In September, Bangladesh Securities and Exchange Commission or BSEC gave regulatory approval to Robi to raise Tk 5.2 billion from the capital market through an initial public offering or IPO, the largest-ever in Bangladesh, to expand its network.

Investors then applied in November before Robi held a lottery draw on Dec 10. Robi’s share was added to investors’ accounts on Dec 20.

Robi had initially hoped to raise more than Tk 5.23 billion by offloading over 523 million shares priced at Tk 10 each. It collected Tk 1.36 billion by selling 136 million shares to its employees. It allocated Tk 1.55 billion shares for eligible investors and the rest for general investors.

Prior to its stock market debut, a signing ceremony of listing agreement will take place in DSE’s office at Nikunja. The agreement will be signed by the management of Robi and DSE.

“We are immensely proud to be on the verge of making our debut in the stock markets with the largest ever IPO. We express our heart-felt gratitude to BSEC, DSE, CSE, CDBL, BUET, and of course, our visionary regulator, BTRC for all the support and assistance extended to us in making this listing possible," said the operator's Chief Corporate and Regulatory Officer Shahed Alam.

"Our focus will now turn to make sure we deliver the most innovative digital lifestyle solution to our customers while safeguarding the interest of our valued local and foreign shareholders.”

Registering the largest IPO in the country, Robi plans to expand its network with Tk 5.15 billion from the IPO. The remaining will be spent on IPO expenditures.

According to the 2019 Audited Financial Report, the company’s asset value was Tk 171.97 billion. It made a profit of Tk 169 million last year.

Their asset value per share during this time was Tk 12.64 with a profit of Tk 0.4 for each share.