ACCRA, May 29 (Reuters) – MTN’s Ghana business is seeking to raise 3.47 billion cedis ($743 million) in a 35 percent initial public offering to be launched on Tuesday, sources involved in the IPO said.
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.
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. ($1 = 4.67 cedis) (Reporting by Kwasi Kpodo Editing by Aaron Ross/David Goodman/Alexander Smith)
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.