MTN appoints investment firms for Nigerian unit’s IPO

 

MTN Group has commenced the process of its IPO with the appointment of some banks and brokers to help with the listing.
Telecommunication giant appointed Nigerian investment firm Chapel Hill Denham as lead issuing house for the initial public offering of its Nigerian business in Lagos later this year.
South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were picked as joint issuers. The telecoms firm also appointed seven placement agents that would help market the offering, the sources said.
According to Bloomberg, the financial institutions selected to handle the Initial Public Offer (IPO) which is scheduled for June or July this year include:
According to reports, MTN intends to raise $400 million from the IPO of its Nigerian unit. An IPO is the first time a company sells its shares to the public on a stock exchange.
MTN agreed to the listing in June 2016 as part of a $1 billion fine for missing a deadline to disconnect unregistered subscribers in the country.