Dhaka, Bangladesh (BBN) Grameenphone (GP), the country’s leading cell phone operator, on Tuesday submitted application for floating its initial public offerings (IPO) to the Securities Exchange Commission (SEC).

Chief financial officer (CFO) Md Arif Al Islam submitted the application seeking to raise $300 million, of which $150 million from the country’s stock markets through IPO and the rest through private placement for developing its network, officials said.

On July 21 last, the board of directors of the company in a meeting decided to launch the IPO.

GP’s listing will have a positive impact on the country’s capital market, according to capital market analysts.