MTN’s Ghana business is seeking to raise 3.47 billion cedis ($743 million) in a 35 percent initial public offering.
In what is expected to be the West African country’s largest IPO, telecoms operator MTN will sell about 4.63 billion shares in MTN Ghana at 0.75 cedis per share, the sources said. The public offering, which closes at the end of July, is one of the requirements MTN agreed to with Ghanaian regulators in 2015 to allow for the introduction of its fourth generation, high-speed mobile data network.
If successful, MTN Ghana will be the most valuable company listed on the Ghana Stock Exchange, analysts said. MTN is the leading mobile operator in Ghana with 17.8 million voice subscribers as of September, ahead of AirtelTigo, Vodafone and Nigeria’s Globacom.
Last December MTN signed a 510 million cedi ($112 million) syndicated loan from nine banks and was oversubscribed by 590 million cedis.