Scancom PLC (MTN Ghana) has announced the close of its Initial Public Share Offer (IPO) that was launched on 29th May 2018 to sell up to 4,637,394,533 ordinary shares, representing 35% of MTN Ghana. As per the IPO Prospectus, the minimum number of shares to be sold for the IPO to be successful is 463,739,453 – representing 10% of the total number of shares on offer.
The two-month offer period ended on Tuesday, 31st July 2018. Following closure of the IPO, the applications received are currently being reviewed and collated for allotments to commence.
MTN Ghana will make announcements in accordance with applicable regulations after applicable corporate and regulatory approvals. Listing and trading on the Ghana Stock Exchange is expected to begin on 5th September 2018.
Commenting on the IPO closure, the CEO of MTN Ghana Mr. Selorm Adadevoh said: “We are happy about the uptake of shares by a broad number of Ghanaians who took advantage of the various avenues provided, especially the MoMo Service, to apply for shares. I am particularly excited about the fact that the MoMo Service paved the way for people in urban and rural communities to apply for shares”.
Selorm Adadevoh expressed his appreciation to Ghanaians for showing interest in owning a part of MTN Ghana, and assured all prospective shareholders of the company’s commitment to work closely with them.
MTN Ghana’s IPO, which is set to be the largest IPO on the Ghana Stock Exchange, will significantly increase the Ghana Stock Exchange’s market capitalisation as well as increasing activity within Ghana’s capital markets. This IPO is indicative of MTN Group’s commitment to Ghana and its long-term confidence in Ghana’s economic prospects.