MTN Nigeria Communications Plc (MTNN) has announced the price of its initial public offering to retail investors.
The company is making 575 million of its shares available to the public at N169 per unit, the telecoms heavyweight said on Tuesday.
Sales will open at 8:00 am on December 1 and close at 5:00 pm on December 14. It is the first time the company will invite subscription from the public nearly two years after it debuted on the Nigerian Exchange Limited (NGX).
MTNN made the disclosure in a statement on the NGX website, signed by Company Secretary Uto Ukpanah
“The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor,” he said.
“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”
This retail offer will be delivered via a digital platform, the first in Nigeria. By using the power of technology, the telco intends to facilitate the maximum possible participation by Nigerian investors, MTNN said.
Commenting on the price announcement, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”
“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”
The MTN Group President and Chief Executive Officer, Rolph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.
“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life. With this Offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time.
This move is a broader arrangement to enlarge its market capacity to other African countries including Zambia and Uganda.
MTNN’s shares, listed in Lagos, closed at N190 per unit on Tuesday, recording no movement.
