MTN Group plans to list its Nigerian unit worth $5.23bn by July in a debut Initial Public Offer on the Nigeria Stock Exchange and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters.
MTN aims to raise at least $400m from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said.
Nigeria’s biggest telecoms operator plans to go on roadshow between May and June 2018, according to the presentation and list on Nigeria’s bourse between June and July. It will now need to appoint professional parties to the offer.
