Image Credit: FSDH Research

February 1, 2022/FSDH Research

The Series 1 offer for sale of 575 million shares held by the MTN Group in MTN Nigeria (the Offer) to Nigeria investors has been successfully completed. The offer was implemented by way of a bookbuild to qualified institutional investors and a fixed price offer to retail investors.

The offer was oversubscribed with a valid applications of a total of 801.97 million units, leading to the activation of the approved 15% over-subscription clause of an additional 86.25 million MTN Nigeria shares.

In all, 661.25 million MTN Nigeria shares were allotted. A total of 126,720 retail investors submitted valid applications and received full allotment; and institutional investors including pension funds, insurance companies, asset managers, corporates and foreign portfolio investors that participated in the bookbuild were allotted 72.09% of their applications. This includes  Nigerian pension funds representing approximately 6.5 million Nigerian contributors.

Please click here for the official announcement.