- Offer touted to be the biggest ever in the country yet
- MTN is market leader both in voice and data at 55.09% and 56.29 respectively
- MTN Mobile Money subscribers shot up from 0.4 million, 2013 to 11.6 million, 2017
Leading mobile telecommunications services provider, MTN Ghana, launched its initial public offer (IPO) May 29, offering up to 35 percent of its equity.
The action is in line with a National Communications Authority (NCA) condition for granting the telecom giant the license to offer 4G LTE mobile internet services to its customers, which took effect in June 2016.
MTN is expecting to raise GHS 3.48 billion by issuing 4.64 billion shares.
The offer, expected to end on July 31, is for GHS 0.75 a share.
The minimum subscription of each qualifying applicant must be for a minimum of 10 offer shares amounting to GHS 7.50 and, thereafter, any additional offer shares subscribed for must be in multiples of 10 amounting to GHS 7.50, with no maximum on subscriptions.
The minimum aggregate amount MTN expects to raise for the offer to be declared successful and implemented is GHS 348 million.
In case of oversubscription, where MTN receives applications in excess of 4.64 billion ordinary shares or 35 percent of the issued shares of MTN Ghana, Directors shall not issue additional ordinary shares to satisfy the extra demand.
Manner of subscription
Copies of printed prospectus are available at the regional offices of MTN, as well as the offices of IC Securities (Lead Manager, Financial Advisor and Sponsoring Broker) and any of the Receiving Banks or Receiving Agents appointed by MTN Ghana in respect of the offer.
An electronic version of the prospectus could also be obtained online at mtnghanashares.com or www.mtn.com.gh
A new innovation MTN is introducing in this exercise is to allow for application via MTN Mobile Money.
Qualifying applicants subscribing through the MTN Mobile Money platform (*170#) must duly complete all required fields on the platform and complete the payment process during the offer period until 5.00 pm (GMT) on the offer closure date.
Applications could also be via online by subscribing through the offer website at mtnghanashares.com, applicants must duly complete all required fields and complete payment by cash or cheque through a Receiving Bank or via debit card or MTN Mobile Money.
All payments must be made in full upon submission of applications in Ghana cedis (GHS) or US dollars (US$)’
By Emmanuel Kwablah