MTN Ghana excited over first IPO MoMo subscription numbers

By Nana Appiah Acquaye, Accra, Ghana

MTN Ghana says it’s very excited with the response received so far by way of subscription of its first IPO through its Mobile Money platform. But the company executives failed to provide official figures to support their claim owing to Securities regulator’s instruction not to releases numbers.

With barely a week to officially draw down the curtains on the sale of its IPO on the Ghanaian stock market, Ghana’s leading network provider is so much enthused with the general participation of Ghanaians in subscribing to the IPO on all the various channels that were used for the offer.

The newly appointed Chief Executive Officer of MTN Ghana, Selorm Adadevoh who could not hide his joy from the exciting development, told journalists in Accra that he is confident about a successful IPO looking at the positive signals on the numbers available.

“We are very confident; we are seeing very good signals on the numbers. We are seeing a lot of subscriptions through all the different channels. What is particularly exciting is how many people have come through on the MoMo platform as well,” he said.

He also reiterated the confidence and commitment that the MTN Group based in South Africa have in the Ghanaian economy and the prospect of doing business in Ghana and believes the current MTN IPO which is the largest offer in the history of the Ghana Stock Exchange has the potential of not only increasing activities on the equity market but also send a strong signal about the fundamentals of the Ghanaian economy to foreign investors.

MTN Ghana made history on the African continent after it announced the use of Mobile Money platform for its first Initial Public Offer (IPO) trading on the Ghanaian stock market in May this year.

Through the Initial Public Offer, MTN Ghana seeks to raise about of GHS3.48 billion (over US$745 million) with each share sold at GHp75. The offer is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018.

MTN Ghana on the 20th of April, 2018, received approval from regulatory bodies including the Securities and Exchange Commission (SEC), Ghana Stock Exchange (GSE) and the Ghana Investment Promotion Council (GIPC) to proceed with the 35 per cent IPO which forms part of MTN’s 4G LTE license requirement in which the company had to sell 35% of its shares to Ghanaians by June 2018. 

 

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