26 Mar 2018
MTN Ghana, the country’s largest mobile network operator (MNO) by subscribers, has lifted its initial target set for its upcoming initial public offering (IPO) by more than half to GHS3.48 billion (USD787.7 million), reports Graphic Online, citing two people familiar with the matter. In February it was announced that MTN Ghana would list 35% of its shares on the Ghana Stock Exchange (GSE) by the end of March, with the listing a requirement of its 4G LTE licence conditions. The company’s 35% stake was originally valued at GHS2 billion, but now after a new valuation this figure has been raised to GHS3.48 billion.
The two people familiar with the matter have said that the Securities and Exchange Commission still need to approve the listing’s prospectus and the IPO sale is likely to take place in April.