Chapel Hill appointed to handle MTN’s $5.2bn listing in Nigeria

Telecoms giant MTN has appointed Chapel Hill Denham as one of the three brokers for its initial public offering (IPO) on the Nigerian stock market.

The Nigerian financial firm will work alongside Renaissance Capital and Rand Merchant Bank, with Citigroup and Standard Bank serving as coordinators.

MTN has not decided what portion of the subsidiary to sell, as it targets $400 million, or roughly 10% of the stock.

The IPO is part of an agreement reached in June 2016 with the Nigerian authorities as part of a $1 billion fine for failing to disconnect unregistered subscribers.

MTN Nigeria has 52 million subscribers and generated R36 billion revenue in 2017, with earnings before interest, taxes, depreciation and amortization of R14 billion.