You are here: HomeBusiness2018 08 31Article 681219

Business News of Friday, 31 August 2018

Source: adomonline.com

MTN IPO raises about ¢444m from Ghanaians

Official figures from MTN’s Initial Public Offer (IPO) indicates that about GH?444m out of the GH?1.14 billion raised came from Ghanaians, representing about 38.69%.

About GH?703 million was also raised from non-Ghanaians representing about 61.31%

The figures also show that out of the 128,152 applicants, 127,826 were Ghanaians and only 326 were non-Ghanaians.

MTN says about 108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6% of the number of applicants.

The telecoms giant has secured over GH?1.14 billion in a historic IPO.

MTN in May formally launched its IPO, seeking to raise about GH?3.47 billion. It was hoping to sell each share at GHp75 by issuing 4.6 billion shares.

By raising GH?1,146,589,464.75 from 128,152 applicants the Offer makes history as the largest primary share offer in the history of the Ghana Stock Exchange and enables many Ghanaians from all walks of life to own a share in one of Ghana’s largest companies.

According to MTN, the first day of trading of the shares is expected to be 05 September 2018. Shareholders will be able to monitor and trade their MTN Ghana shares by contacting a licensed dealing member of the Ghana Stock Exchange.

Activities on the local bourse

Earlier, Managing Director of the Ghana Stock Exchange (GSE), Kofi Yamoah stated the local bourse was excited about MTN’s IPO which if successful will lead to a listing on the exchange.

Speaking exclusively to JoyBusiness, Mr Yamoah described MTN’s listing as one that would attract a large number of retail investors to the capital market and boost activity if their IPO is successful.