MTN Records Oversubscription of 139.47 per cent

MTN has revealed that 126,720 retail investors submitted valid applications and received full allotment as its first public offer for sale of 575 million shares recorded an oversubscription of 139.47 per cent.

Uto Ukpanah, MTN Company Secretary disclosed this via the Nigerian Exchange website.

The statement released said the offer was 139.47 per cent oversubscribed, which activated the allocation of an additional 86.25 million shares. The release further disclosed that 661.25 million MTNN shares were allowed, adding that 126,720 retail investors submitted valid applications

The statement added that 114,938 new Central Securities Clearing System (CSCS) accounts were created representing new market participants.It said that approximately 76 per cent of successful applicants via digital platform were women and 85 per cent were under age 40.

The statement also said that following the successful completion of the offer, MTN Group shareholding in MTNN reduced by 3.25 per cent, from 78.83 per cent to 75.58 per cent.

Commenting on the offer, MTN Group Chief Executive Officer, Mr Ralph Mupital, said, “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6.6 million Nigerians directly or indirectly becoming shareholders in MTNN.

“The objective of broadening the shareholders base and creating shared value has been achieved. We are proud that our offer was the first Nigerian public offer to use the digital application platform, primary offer,which enabled wider investor participation across Nigeria.

“We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium,” Mupital said.

Chief Executive Officer, MTNN Mr Karl Toriola, said, “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.

“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time and use a digital platform to do so.

“This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.

“We are pleased with the level of digital innovation we championed with this offer with the active collaboration of our lead issuing house and the various regulatory bodies.

“Deepening retail participation in Nigeria’s capital markets is a process and we are off to a great start, demonstrating the role digital platforms can pay in expanding access,”