MTN Nigeria allocates 661.3 million shares as investors oversubscribe public offering by 139.5%

telecommunications giant MTN Nigeria has announced the closing of its Series 1 offering for the sale of shares to the public, allocating 661.3 million shares to investors in a transaction in which the subscription exceeded the offer by 139.5 percent. The company made 575 million shares available and received a total request for 802 million units. It decided to allocate 86.25 million units more than it originally put on sale. MTNN made the disclosure in a statement on NGX’s website on Tuesday, signed by company secretary Uto Ukpanah. It announced the public offering on November 26, 2021, which attracted applications from 126,720 retail investors who, according to the telecom heavyweight, got the full allocation. He said that institutional investors who were involved in creating the pre-offering book were allocated 72.09 percent of their applications, including Nigerian pension fund managers, who represent an estimated 6.5 million Nigerian taxpayers. to the creation of the book. ALSO READ: MTN, TotalEnergies, Julius Berger are the top stocks to watch this week “Following the successful completion of the offering, MTN Group’s shareholding in MTN Nigeria was reduced by 3.25 percentage points, from 78.83% to 75.58%,” according to the statement. Commenting on the development, MTN CEO Ralph Mupita said: “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTN Nigeria.” “With more than 6.6 million Nigerians becoming direct or indirect shareholders of MTN Nigeria, the goal of expanding the shareholder base and creating shared value has been achieved.” Read More Related News Here Let here it in the comment below if you do have an opinion on this; MTN Nigeria allocates 661.3 million shares as investors oversubscribe public offering by 139.5%