The historic listing of MTN shares on the Accra bourse ends the two-year drought on the Ghana Stock Exchange (GSE), which recorded a 52
per cent dip last year .
This means that the public quotation of MTN shares alone on the GSE would raise the market
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Deputy Managing Director of the GSE,
“For us at the GSE, we are delighted to see such companies raise capital and list because investment in viable businesses like MTN
The listing means that MTN has officially
The historic GH¢1.15 billion
The Chief Executive Officer (CEO) of MTN Ghana, Mr Selorm Adadevoh, addressing a gathering on the trading floor of the GSE in Accra today (September 5) to mark the beginning of the firm’s affair with the stock market said the historic feat chalked was a result of strong collaboration between the various
“The company since its establishment in the Ghanaian market has always been on a consistent winning spree no because of anything but because of the great collaboration we have enjoyed from all the people who have an interest in the business,” he said.
The historic offer
MTN set out on May 29 this year to raise some GH¢3.4 billion through an IPO but ended up with GH¢1.15 billion which was still in excess of the 10
Given that an IPO is not supposed to raise the full amount targeted because it is dependent on demand and supply dynamics, the amount
The telecom operator offered 4,637,394,533 ordinary shares valued at an Offer Price of GH¢ 0.75 per share but in the first trade of 100 shares on September 5, the stock rose 4 percent to GH¢0.78.
The shares offered was 35
In total, there were 128,152 applicants for shares of which 127,826 were Ghanaians and contributed GH¢ 443,631,446.25, making MTN the company with the largest number of Ghanaian shareholders listed on the GSE.
However, with only 326
“We are also happy that we attracted foreign investors, which is indicative of the attractiveness of the Ghana economy,” he said.
“As you already know, this is the first time that Mobile Money has been used to buy shares in an IPO (and subsequently trade them) anywhere in Africa OR the world over and this contributed largely to the success of the IPO,” he said.
In all, 108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6
MTN’s successful IPO which employed the use of mobile money could be a precursor to opportunities in adopting mobile money for share offerings, especially given the pace of mobile money adoption over the past decade.
The fact that 84.6
He hinted that the Exchange would take advantage of the mobile technology to introduce mobile trading of securities as MTN had done.
MTN board chairman, Dr Ishmeal Yamson assured the investing public that the company would not let thethem down and that the outstanding performance would be the greatest motivator for other businesses to list.
“At MTN, we have an unquestionable good corporate governance and we have a duty of care and diligence”, be boasted.