MTN Nigeria IPO to happen in few weeks

MTN Nigeria IPO to happen in few weeks

Sources close to MTN Nigeria, the country’s largest mobile carrier claims that it is putting finishing touches on its initial public offering.

According to people with the knowledge of the matter, MTN Nigeria is currently looking at how to roll out its plans for the planned IPO on the Nigerian Stock Exchange, NSE.

The IPO has been further delayed after MTN declared its first ever full-year loss in 2017 citing tough regulatory conditions and sanctions in Nigeria which led to a loss of about 5 million subscribers from its network and an unprecedented fall in voice calls.

It would be recalled that South Africa-based MTN Group disclosed that it will do the IPO to further strengthen its involvement in Nigeria after it was fined about N330 billion for regulatory infractions by the country’s telecom regulator, the Nigerian Communications Commission, NCC.

In one of its disclosures, MTN Group’s CEO, Rob Shutter said the company will look to list about 30% of its Nigerian unit on the NSE. Until the prospectus is released, the price per share may be hard to figure out at this moment.