MTN Raises GH¢1.14bn in IPO

Ghana’s leading telecommunication network (MTN Ghana) has announced results of its Initial Public Share Offer (IPO).

The telecom company raised an amount of GH¢1.14 billion  from the shares offered, representing 32.97% of the total amount.

Commenting on the results of the IPO yesterday in Accra, the CEO of MTN Ghana, Selorm Adadevoh announced that out of the 128,152 applicants, 127,826 were Ghanaians.

He added that 499 of the applicants were institutional with the remaining (127,653) being individuals.

“We are happy about the uptake of shares by the broad number of Ghanaians and foreigners who took advantage of the various avenues provided, especially the MoMo Service to apply for shares. With this MTN Ghana will have,” He mentioned.

This, according to him, increases the capitalization and activity within the equity market.

He disclosed that the listing is almost as double of the size of all IPOs put together in the industry of the Ghana’s Stock Exchange (GSE).

MTN Ghana launched its Initial Public Offering which has been described by industry players as historic, in May.

The offer was to give a fraction of the business to Ghanaians by issuing some its shares for sale.

Successful applicants, according to the CEO, would be allotted the shares they applied.

“Applicants with Central Securities Depository accounts, and their CSD accounts credited with their allotment by September 4, by 5:00 pm,” He stressed.

He announced that they have notified applicants who applied for the shares to update their identification documentation.

The applicants are required to visit any MTN Ghana Service Centre with updated UDs as a matter of urgency.

The first day of trading of the MTN Ghana shares is expected to begin on September 5.

Shareholders would be able to monitor and trade their shares by contacting a licensed dealing member of the Ghana Stock Exchange.

By: Emmanuel Yeboah Britwum & Sally Gonyo