MTN LAUNCHES INITIAL PUBLIC OFFERING(IPO) IN GHANA
MTN Ghana has launched Initial Public Offering (IPO) in the Gold Coast, West African nation after it declared the need to raise GH¢3.47 billion. The move will see MTN, which boasts of the largest market in Ghana, cede at least 35 per cent of its stake to investors.
It is also in fulfilment of a regulatory obligation regarding the purchase of one of the 4G spectrum license from the regulator in 2015. MTN has also pegged the minimum amount to be raised under the offer at GH¢347 million. This amount, if secured would make the offer successful.
The telecoms giant is targeting up to 4,637,394,533 shares at 75 pesewas per share. The offer is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018.
CEO of MTN East, Southern Africa and Ghana, Ebenezer Asante said the company has introduced a new way of listing on the stock exchange.
“We move into another phase of our business which seeks to give Ghanaians that unique opportunity to own a share of MTN. The entire offer is for two months,…I am excited to say that we are allowing shares to be bought through MTN mobile money,” he added. Investing public can also buy their shares from some selected banks and through mobile money.
The entire offer will last for two months while the entire process should be completed by September 2018 which will culminate in the listing on the stock market.