International Journal of Management, Accounting and Economics Vol. 9, No. 3, March, 2022 ISSN 2383-2126 (Online) © Author(s), All Rights Reserved www.ijmae.com 144 Case Study The Strategic Journey of the Biggest IPO in Bangladesh: The Case of Robi Axiata Limited Md. Tahidur Rahman 1 and Md. Ariful Haque Chowdhury Department of Business Administration, Bangladesh Army International University of Science and Technology, Cumilla, Bangladesh Syed Zabid Hossain Department of Accounting and Information Systems, University of Rajshahi, Rajshahi, Bangladesh Abstract Robi Axiata Limited (Robi)—a multinational cellphone operator—got the nod for the ever-biggest initial public offering (IPO) from Bangladesh's regulatory body on 14 October 2020. The IPO process ended on 24 December 2020 through its debut on the country's two stock exchanges. Based on both primary and secondary data, this study intends to depict the 23 years strategic journey of Robi till its IPO. Robi's IPO was oversubscribed by 5.75 times compared to its counterpart telecom giant Grameenphone by 3.5 times. Beyond the most common motive of settling the loan, network expansion was the only motive for Robi's IPO. The IPO enabled the company to reduce its corporate tax and create a positive brand image among stakeholders. Before the IPO, rebranding from AKTEL into Robi and its merger with Airtel were two major turning points. The merger contributed significantly to the company's market share and overall performance, which ultimately led the company to raise the largest-ever amount from the capital market through IPO. Keywords: IPO, Primary market, Rebranding, Merger, Bangladesh capital market. 1 Corresponding author’s Email: towhidais@gmail.com