Telecomms giant MTN has appointed Chapel Hill Denham, a Nigerian investment firm, as the lead issuing house for its planned initial public offering (IPO) of MTN Nigeria, slated to take place later this year.
According to MTN, Renaissance Capital, Rand Merchant Bank and Chapel Hill Denham will work with global coordinators, Citigroup and Standard Bank, on the much awaited public listing.
MTN, which has been meeting with its bankers in Lagos, Friday, made a presentation about MTN Nigeria to a select audience of foreign and local analysts. The Telecomms giant plans to raise about $400m but is presently undecided about what portion of its subsidiary to sell.
According to its financial statements, MTN Nigeria in 2017 generated R36bn in revenue from its over 52 million subscribers. CEO Rob Shuter had previously said that the IPO would be completed by 2018. MTN Ghana is also looking to sell shares, with its 19-million subscribers, it may list a 35% stake for almost $800m.
Photo Credit: The Indian Express
