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HomeBusiness & EconomyNigerians Invest N111bn In 661.25 Million MTN Shares

Nigerians Invest N111bn In 661.25 Million MTN Shares

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MTN Nigeria has announced that a total of 661.25 million shares were sold at N169 per share during the series 1 of its first public offer, amounting to N111.75bn.

In a statement filed at the stock exchange on Tuesday, MTN said its share sale was oversubscribed by 139.47 per cent as it received valid applications for a total of 801.97 million shares, as against the 661.25 million shares issued.

It said an additional 86.25 million shares were allocated and that the offer created 114, 938 new CSCS accounts, which was indicative of how strong the offer was.

MTN stated that approximately 76 per cent of successful applicants via digital platforms were women and 85 per cent of them are under age 40.

The company revealed that the offer was implemented by way of a bookbuild for qualified institutional investors and a fixed price offer to retail investors.

The statement read in part, “The fixed price offer to retail investors was at a discount of 11 per cent to the closing price of MTN Nigeria’s stock on the day the bookbuild was completed.

“It marks the first time a digital application platform was used to democratize investing in a public offer and maximize investor participation across the country.”

The Chief Executive Officer, MTN Group, Ralph Mupita, while speaking on the successful completion of the offer, said, “We are pleased that the offer has given so many Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.”

The Chief Executive Officer, MTN Nigeria, Karl Toriola, said the company was delighted to welcome so many new shareholders to the MTN family.

“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so. This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate,” he added.

Culled from Daily Trust.

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