MTN IPO: MTN Group yesterday said it was perfecting the details of its proposed Nigeria Initial Public Offering (IPO), the News Agency of Nigeria (NAN) reports.
MTN Group’s spokesperson, who pleaded anonymity, confirmed this in response to enquiries on why the telco was yet to file applications for the proposed offer.
Both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are yet to receive applications from the company for the offer.
The MTN representative said detailed process and work stream on the IPO were currently underway and would be announced at the appropriate time.
NAN reports that IPO is process through which a private company or corporation raises investment capital by offering its stock to the public for the first time.
Speaking on the IPO process, the spokesperson said MTN had not made known the offer value contrary to the 500 million dollars being speculated in the media.
“To clarify some matters on the IPO process, no amount/value has been given by MTN Group or MTN Nigeria regarding the IPO and there was never a statement on a ‘proposed $500m IPO.’
“In the communication we have issued to the market, we have noted that we expected this IPO process to be concluded during 2018 and there was not a specific date given,” the representative said.