Bangladesh's Grameenphone IPO 'oversubscribed'Bangladesh's largest ever initial public offering by mobile phone provider Grameenphone was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. by several times, officials said Thursday, as the window for local subscriptions closed. "The response from retail investors has been overwhelming," Silmat Chisti, head of the issue manager company, Citigroup Global Markets, said. Thousands of people have queued at banks around the country since Sunday when subscription opened for the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , an event seen as a key test for the national stock market. Grameenphone plans to raise 70.4 million dollars through the IPO sale of 69.44 million shares. The company, 62-percent owned by Norway's Telenor Group, has raised the same amount from institutional investors. It says the money will be spent on network expansion and developing its information technology infrastructure. Non-resident Bangladeshis have until October 18 to submit their applications for shares and the company is expecting to start trading on the stock exchange next month. Grameenphone is 38-percent-owned by Grameen Telecom Grameen Telecom (GTC) is a not-for-profit company in Bangladesh established by Dr. Muhammad Yunus with a partial stake in Grameen Phone (GP). GTC has driven the pioneering GP program of Village Phone that enables rural poor to own a cell-phone and turn it into a profit making , a subsidiary of micro-finance giant Grameen Bank Grameen Bank: see Yunus, Muhammad. Grameen Bank Bank in Bangladesh, the first bank to specialize in small loans for poor individuals. Originated by economist Muhammad Yunus, the Grameen banking model is based on groups of five prospective borrowers , which was set up by 2006 Nobel peace prize The Nobel Peace Prize (Swedish and Norwegian: Nobels fredspris) is the name of one of five Nobel Prizes bequeathed by the Swedish industrialist and inventor Alfred Nobel. winner Muhammad Yunus. It has around 21 million of Bangladesh's fast growing 46 million cellular subscriber base and is the country's largest private company in terms of revenue. 
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