MTN Ghana picks IC Securities to sponsor $447 million IPO


South Africa’s MTN Group Limited has picked IC Securities Ghana Ltd. as the sponsor of its MTN Ghana initial public offering, IPO.

According to people with the knowledge of the matter, MTN Ghana will be raising about $447 million which is approximately 2 billion cedis in local currency.

In a similar move, MTN Group is also putting its filings together in preparation for its IPO in Nigeria where the group earns about 60% of its revenue. While the company has been under pressure to pull off the Nigerian Stock Exchange, NSE listing, MTN is yet to defray N330 billion regulatory fine which the National Communications Commission, NCC, said it has only paid about N110 billion till date.

It is noteworthy to mention that the proposed IPO was not a voluntary one. It was part of the conditions giving to MTN Ghana when it was given the right to right to use spectrum that can carry high-speed mobile data for customers.

IC Securities Ghana Ltd. is one of the most notable brokers within Ghana’s financial markets. As for Nigeria, MTN appointed Stanbic IBTC Capital as well as other international investment banks to prepare the IPO.

MTN is yet to come out with a roadmap for the Nigerian IPO, a milestone people familiar with the matter projects for the middle of this year.