MTN targets GHC3.47bn in historic IPO

Business News of Tuesday, 29 May 2018

Source: Myjoyonline.com

2018-05-29

The telecom operator is hoping to sell each share at GHp75 by issuing 4.6 million shares

Telecoms giant MTN is looking at raising GHC3.47 billion in a historic Initial Public Offering (IPO) which is going live today.

The offer which begins today is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018.

MTN is hoping to sell each share at GHp75 by issuing 4.6 million shares.

MTN has also pegged the minimum amount to be raised under the offer at GHC347 million. This amount, if secured would make the offer successful.

Investing public can also buy their shares from some selected banks and through mobile money.

Industry views on the offer

Even before, the IPO takes off, some industry experts say the offer could the biggest that the country has ever witnessed.

However, there are concerns whether Ghanaians would really or can take up everything in terms of the shares being offered.

Therefore, the plan to let Ghanaians take up 35 percent of the business might face some challenges. But officials close to MTN have maintained that they are committed to ensuring that everything is taken up by Ghanaians.

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