Robi receives 10 times response from institutions

Robi Axiata Ltd has received Tk1,586 crore in subscription from eligible institutional investors (EII) against their quota for the company's primary shares worth Tk155 crore, according to the Dhaka Stock Exchange.

The country's second largest telecom operator, in its Tk524 crore initial public offering (IPO), has offered shares worth Tk388 crore to external investors, while Tk136 crore is being collected from its own people under employees stock purchase plan (ESPP).

40% of the public offer is allocated for EIIs in an IPO at face value.

The oversubscription will result in pro-rata allocation of Robi primary shares which means EIIs will be able to buy one-tenth shares against how many they subscribed for.

However, how much the general public subscribed is still unknown.

Robi IPO subscription began on 17 November and closed on 23 November.