MTN Ghana has raised 1.1 billion cedis (about $236 million) as the wireless carrier announced the successful completion of its Initial Public Offer on the country's stock exchange.
According to the sale's prospectus seen by Business Insider Sub-Saharan Africa, 108,434 applicants subscribed through the MTN Mobile Money portal, representing 84.6% of the number of applicants.
Here are other highlights from the public offer
- 128,152 applicants applied for the offer.
- Out of the overhaul 128,152 applicants, 127,826 were Ghanaians with 593,040280 shares at GHS 443,631,446.25, representing 38.69%.
- 326 non-Ghanaians (foreign investors) participated in the offer with 937,434,080 shares at GHS 702,958,018.50 representing 61.31% of the total offer.
The first day of trading of the MTN Ghana shares is expected to be September 5, 2018.
MTN Group Ltd has 16.5 million subscribers in Ghana.
The group's financial report also indicated that its Ghana subsidiary performed better alongside Nigeria and the South African markets.
The Johannesburg-based company sold its shares in Ghana to meet conditions agreed to with the government in 2015 when it acquired the right to use the spectrum for fourth-generation wireless services.
It is also expected to sell its shares in Nigeria as part of conditions for the reductions in $5.2 billion fine incurred in 2015 over failure to deactivate 5 million unregistered SIM cards.
Rob Shuter, Group president and CEO, while commenting on the financial report, said the company had made good progress on the plan to list on the Nigerian Stock Exchange.