MTN’s Initial Public Offer Closes on 31st July
MTN Ghana’s Initial Share Offer (IPO) which was launched on May 29th, 2018 to sell 4,637,394,533 ordinary shares, representing 35% of MTN Ghana (Scancom PLC) is scheduled to end at 5:00pm on July 31st 2018.
As per the IPO Prospectus, the minimum number of shares to be sold for the IPO to be successful is 463,739,453, representing ten percent (10%) of the total number of shares on offer.
With a few days to the end of the IPO, MTN Ghana has confirmed that the offer period will not be extended.
Sharing updates on the progress made so far since the launch, the CEO of MTN Ghana, Selorm Adadevoh said MTN used innovative and convenient ways of getting people to participate in the IPO and as a result, the company engaged stakeholders in many districts, big towns and markets in all 10 regions of the country. MTN Ghana has also used all of its events and digital channels to talk about the IPO and to explain why people should participate in it.
Mr Adadevoh said “We believe that we have given more than enough time for people to make up their minds”.
He said, “The reason why we took this approach is because we want to reach all Ghanaians and to give them an opportunity to hear about our offering and to decide whether or not to own shares in our company. We have received a lot of commendations about these multiple channels”.
Selorm Adadevoh also lauded the innovative decision to use Mobile Money for the IPO and mentioned that a significant number of the subscriptions received was done through MTN Mobile Money.
The IPO, which is the largest IPO on the Ghana Stock Exchange, is expected to increase the capitalisation and activity within the equity market. The IPO is indicative of MTN Group’s long-term confidence in Ghana’s economic prospects.