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MTN launches IPO on GSE, targets GH¢3.47bn

MTN launches IPO on GSE, targets GH¢3.47bnTelecom giant MTN has officially launched today its initial Public Offer as the company seeks to raise about GH¢3.47 billion.

In were curated ceremony at the new Accra Marriott Hotel, officials revealed that the offer is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018.

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.

However, there are concerns about 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 per cent 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.

Last year, the CEO of MTN Ghana, Ebenezer Asante, explained that the move to sell part of the company’s shares to Ghanaians is part of the localization that came with the 4G license.

“It’s very clear from the license that 35% of MTN should be moved into Ghanaian hands and since we required the license we have engaged the regulators both in the NCA as well as the Central Bank and also with the Securities and Exchange Commission,” he said.

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East.

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