MTN Shares recorded an oversubscription of 139.47 per cent
About 126,720 retail investors submitted valid applications and received full allotment as MTN Nigeria announced that its first public offer for sale of 575 million shares recorded an oversubscription of 139.47 per cent.
The leading mobile operator, for two weeks in December 2021, gave the public a buying opportunity to own 575 million shares in the company, at an entry price of N169 per share.
According to MTN, the “offer was 139.47% oversubscribed, activating the allocation of an additional 86.25 million shares”. Despite the oversubscription, MTN said retail shareholders will “receive full allotment” for the shares bought.
This would not be the case for Institutional shareholders under the Bookbuild; they are to receive a pro-rated amount of shares.
The company also disclosed that 114,938 new CSCS accounts were created representing new market participants — most of them women.
Approximately 76 percent of successful applicants via digital platforms are women, and 85 percent are under age 40, the telco giant said.
Ralph Mupita, CEO of MTN Group the company is pleased that this 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,” he said.
“We are proud that our Offer was the first Nigerian public offer to use the digital application platform, PrimaryOffer, which enabled wider investor participation across Nigeria. We thank the Nigerian authorities for their support of this Offer.”