MTN Ghana raises over GHC1.1 billion in IPO - CEO

Telecommunication giant MTN has raised over GHC1.1 billion from 128, 152 applicants in its Initial Public Offer (IPO) which has made the leading telecom giant the largest primary share offer in the history of the Ghana Stock Exchange.

The offer ran from May 29, 2018, to July 31, 2018, with investor demand exceeding the minimum GHC347, 804, 590 required to be raised for the offer to be declared successful.

At a press briefing Thursday afternoon, Selorm Adadevoh, Chief Executive Officer of MTN said the IPO offer consisted of a public offer of about 4, 637, 394, 533 ordinary shares of MTN Ghana valued at GHC3, 478, 045, 900 at an offer price of GHC0.75 per share.

“This represents about 35% of the shares of MTN Ghana,” he said.

“The Securities and Exchange Committees approved minimum thresholds which were required to meet success criteria,” he added.

Mr Adadevoh further emphasised that the minimum success threshold was 10% of the offer which is GHC3, 478, 045, 900.

“The IPO raised an amount of GHC1, 146, 589, 464.75 billion which represents three times the minimum amount of GHC3, 478, 045, 900 to achieve success,” an elated Selorm Adadevoh told the media.

“In total, we had 128, 152 applicants for shares of which 127, 826 were Ghanaians which contributed an amount of GHC443, 631, 446.25 million,” he observed.

This implies that MTN Ghana will have the largest number of Ghanaian shareholders of all the companies currently listed on the Ghana Stock Exchange.