MTN Nigerian unit to IPO by August

MTN Nigerian unit to IPO by August

MTN Group’s local unit in Nigeria, MTN Nigeria said it plans to stage its initial public offering by next month, August.

MTN Nigeria, the country’s largest mobile carrier has been mulling the IPO since 2016 after it reached an agreement with the Nigerian government to give local investors stake in the company.

The mobile carrier said the IPO will begin in August once the SEC gives a final go ahead.

MTN Nigeria is estimated by unofficial sources to be worth about $8 billion. According to its official disclosure, MTN Group will be selling 30% stake in the company for up to $700 million in the IPO.