Despite being listed on the Nigerian Stock Exchange, MTN Nigeria’s shares of which 19.4% are owned by Nigerian Investors will not be readily available to the populace and here’s why.
The company unlike most others opted for an Introductory listing as opposed to an IPO – Initial Public Offering making the stocks largely unavailable and thus spiking the prices due to a large demand for its shares.
Its reasons for doing so according to the company is that at this stage, MTN Nigeria is unlikely to get a fair valuation in the midst of the ongoing tax disputes with the local authority.
The shares which were listed at a unit price of ₦90 are now valued at ₦131.70 per share. MTN Nigeria is currently the second largest company listed on the NSE worth an estimated $5 billion right behind Dangote Cement worth $8.3 billion in market capitalization.
At this phase, no new shares except those belonging to already existing shareholders have been listed on the platform for them to trade comfortably. The NSE authorities have however urged the company to make more available for eager shareholders.
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