MTN Nigeria has successfully completed the first series of its public offering, to sell up to 575 million of the company’s shares.
The offer which officially commenced in December 2021, was an opportunity for every Nigerian to own a share of MTN Nigeria.
Following the commencement of the public offer, there was an oversubscription of the shares by 139.47%, which led to the activation of the approved 15% greenshoe of an additional 86.25 million MTN Nigeria shares.
As a result, a total 661.25 million MTN Nigeria shares were allotted, comprising the 575 million Offer shares and the 86.25 million greenshoe. In addition to 126,720 retail investors who participated and received full allotment, Nigeria’s pension funds that invested represent approximately 6.5 million Nigerian contributors.
Approximately 76% of successful applicants from the digital platform are women and 85% are youths under the age of 40.
Commenting on this, Karl Olutokun Toriola, Chief Executive Officer of MTN Nigeria said, “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.”
Speaking on the conclusion of the first series of the offer, Chief Executive Officer MTN Group, Ralph Mupita, said: “We are 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.”
Also commenting on the closing of the offer, Chief Executive Officer of MTN Nigeria, Karl Toriola, said: “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.”
MTN Nigeria’s offer was the first public offering delivered through a digital platform, thereby allowing for maximized diverse investor participation across the country. MTN Nigeria will continue to conduct several series of these transactions in the coming months.
