MTN launches IPO, targets GH¢3.47bn

Telecoms giant, MTN has officially launched its Initial Public Offer as the company seeks to raise about GH¢3.47 billion.

The offer 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 billion shares.

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.

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

Speaking at the launch of the IPO, Vice President of Southern, East Africa and Ghana, Ebenezer Asante said, “Today our localization has gone beyond just getting a few investors to have a share of the company. The exciting thing about this offer is that we are seeking to get as many Ghanaians as possible to invest in MTN Ghana.”

Mr Asante added, “With this public offer, we are challenged to ensure that MTN Ghana remains a profitable, robust and sustainable digital company that will continue to provide excellent services to all Ghanaians.”

Industry views on the offer

Even before, the IPO takes off, some industry experts say the offer could be 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 Ghanaian.

Source: Ghana| JoyBusiness