Ghana’s leading telecommunication network, MTN has seen its shares listed on the Ghana Stock Exchange.
The share price increased from 0.75pesewas to 0.78pesewas following its official enlistment on the Ghana Stock Exchange (GSE).
Being the first telecom company to be enlisted, MTN now represents about 14 percent of the market capitalization of the Ghana Stock exchange.
Speaking at the enlistment ceremony, the Chief Executive Officer (CEO) of MTN, Selorm Adadevoh said “I am delighted to see that, after nearly three years of hard work by all the relevant Regulators, partners and our staff reaping the fruits of our labour.”
MTN secured over GH₵1.14 billion in the historic Initial Public Offering (IPO). This is the largest amount to be raised in an IPO on the GSE and with the largest subscription.
Mr. Adadevoh reiterated that out of the 128,152 applicants who bought shares in the Initial Public Offer (IPO), 127,826 were Ghanaians.
“MTN today has the largest Ghanaian shareholder base on the GSE. This is the 1st IPO in the world to use Mobile Money as a medium to subscribe shares.
This demonstrates another use case for MoMo and will accelerate financial inclusion in the capital markets of Ghana, for many people in this country who would not ordinarily have access to the capital markets,” He said.
The Deputy Managing Director at the GSE, Mr. Ekow Afedzie on his part expressed delight over MTN’s ability to raise what he term as the largest IPO amount on the exchange.
He disclosed that the listing will positively impact the GSE by “significantly increasing the GSE’s market capitalization by over GH¢9.22 billion from GH¢55.97 to GH¢65.19b (16.4%).
MTN being listed on the Ghana Stock Exchange brings along the highest number of shareholders as per any listed company on GSE.
The issuance of the IPO and the subsequent listing of MTN form part of regulatory requirements following the purchase of one of the 4G spectrums in 2015.
By: Emmanuel Yeboah Britwum