Grameenphone, Bangladesh’s biggest cell phone operator, more than doubled in value on Monday on the first day of trading since its $71m initial public offering, triggering a sharp rise in the Dhaka Stock Exchange index.

The $16bn Dhaka stock market, which has been identified by Goldman Sachs as one of the next 11 frontier markets to watch, jumped a record 21 per cent to an all-time high, spurred by a 153 per cent surge in Grameenphone shares.