The Nigerian Stock Exchange has confirmed that MTN has been cleared to list its local operations from today (May 16th) as an introductory offering.
The listing will see MTN Nigeria valued at around $5 billion. Over 20.3 million shares will be made available, each priced at NGN90 ($0.25). Existing shareholders will be able to trade on the NSE as their shares will be listed automatically.
MTN agreed to list in Nigeria in 2016 as part of a conciliatory settlement with the country’s regulator. The operator group had incurred a colossal fine over failing to register subscriber details; it eventually managed to reduce the total penalty to around $1 billion.
Further clashes with the government of Nigeria delayed the listing and even cast doubt over whether it would happen at all. After being accused of illegally repatriating earnings, MTN was able to settle this dispute in January, but it still faces a bill for $2 billion in unpaid taxes.
MTN Nigeria CEO Ferdi Moolman described the introductory offer as “just the beginning” in a statement, going on to say that MTN was aiming for an IPO to provide “more Nigerians greater access to the MTN opportunity”.