MTN’s Ghana business is seeking to raise 3.47 billion cedis ($743m) in a 35 per cent initial public offering launched on Tuesday, sources involved in the IPO said. In what is expected to be the West African country’s largest IPO, telecoms operator MTN will sell about 4.63 billion shares in MTN Ghana at 0.75 cedis per share, the sources said, according to Reuters. If successful, MTN Ghana would be the most valuable company listed on the Ghana Stock Exchange, analysts said. MTN is the leading mobile operator in Ghana with 17.8 million voice subscribers as of September, ahead of AirtelTigo, Vodafone and Nigeria’s Globacom. MTN Group Limited recently said its plans for an IPO of its Nigerian business this year were well advanced.

Source: Punch May 30, 2018 00:00 UTC