Telecommunication giant, MTN is ceding off 35 percent of its stake, through an Initial Public Offer, on the Ghana Stock Exchange.

The move is part of the requirement by the National Communication Authority for acquiring a 4G spectrum.

MTN is looking at raising GH¢3.47 billion. It is hoping to sell each share at GHp75 by issuing 4.6 million shares.

Ahead of the launch, MTN Group president and CEO, Rob Shuter, revealed that the company has received all required regulatory approvals to proceed with its upcoming initial public offering (IPO) on the Ghana Stock Exchange in late May.

“In Nigeria and Ghana we made good progress on the IPO processes, which we aim to conclude during 2018. To this end, we will be releasing full financial results for MTN Nigeria on 7 May 2018. On 20 April 2018, we received all required regulatory approvals to proceed with the IPO in Ghana, which we expect to launch in late May 2018” he said.

In 2015, MTN Ghana won a bid for a 4G licence in the 800 MHz spectrum. Under the terms of the licence, the National Communications Authority (NCA) required MTN Ghana to offer Ghanaian investors an opportunity to own part of its shares. The listing is considered by the NCA as a mechanism to meet this requirement.