MTC raises NAD2.5bn in IPO

22 Nov 2021

Mobile Telecommunications (MTC), Namibia’s largest mobile network operator (MNO) by subscriptions, listed on the Namibian Stock Exchange (NSX) on 19 November after its initial public offering (IPO) raised NAD2.541 billion (USD161.2 million) – a 19% shortfall on the NAD3.12 billion expected. According to figures released by the company, investors snapped up 299 million of the 367.5 million shares on offer at a subscription price of NAD8.50 each, with retail investors making 5,535 applications for shares worth NAD137.24 million and Namibian institutional investors making 76 applications for NAD2.4 billion of shares. Namibia Post and Telecommunications Limited (NPTH) will remain the majority shareholder of MTC following the public offer, which closed on 1 November. According to the NSX, the free float of MTC at listing was 39.9%.

Namibia, Mobile Telecommunications (MTC)