MTN Ghana IPO officially launched

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MTN launched and Initial Public Offering today, offering for a 35% stake in its Ghana unit, which it hopes will raise 3.47 billion cedis ($743 million).

The group is required to float shares on the local stock exchange under an agreement with Ghanaian authorities for access to 4G spectrum licence in the 800MHz band, which was granted to it in late 2015. In terms of that deal, MTN must sell up to 35% of its shares.

MTN will sell about 4.63 billion shares in MTN Ghana at 0.75 cedis per share, in what is expected to be the West African country’s largest IPO.

“The minimum amount to be raised for the offer to be deemed successful and for the listing to proceed is approximately GHS0.35bn, which represents approximately 10% of the total offer size. Given the objective of targeting a broad base of Ghanaian investors, allocation to non-Ghanaian investors is to be restricted to 5% of the issued shares of MTN Ghana.”, the group said.

Brokerage firm IC Securities is lead adviser for the transaction. If successful, MTN Ghana will be the most valuable company and the first mobile operator to be listed on the Ghana Stock Exchange.

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.

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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