MTN Realises $242m From Ghana IPO

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MTN says it raised a total of Gh1.146 billion ($242 million) from its Initial Public Offering (IPO) which was opened between May 29 and July 31, 2018.

The amount realized from the IPO shows that MTN fell short of its target of  Gh3.47 billion by about Gh2.3 billion.

The telecom company however said the performance is highly commendable considering the volume of the offer.

The company added that it is hoping to expand its operations and give value for money to the investing public.

According to MTN, a total of 128, 152 applicants bought into the shares.

This is made up of 127, 653 retail investors and 499 institutional investors.

MTN is expected to list the proceeds on the Ghana Stock Exchange next week Wednesday, September 5, 2018 which is also expected to boost activities on the local bourse.

Although not all shares offered were bought into by investors, it indicated that the remainder will be traded on the secondary market.

Some investors who purchased the shares are yet to reconcile their information with the Central Securities Depository.

But the CEO of MTN, Selorm Adadevoh explained that they will work to attract all such persons onboard.

The Initial Public Offering is targeted at opening up thirty-five percent of MTN’s operations to the general public.

It also formed part of regulatory requirements following the purchase of a 4G spectrum in back 2015.

MTN, the biggest telco Ghana, So far, is the only operator providing 4G service in the country.

 

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