TheCable

MTN Group says there is no specific date for its initial public offering yet as it is still perfecting details of the proposed listing.

A spokesperson of the company who spoke to NAN on Monday said details of the IPO will be announced at the appropriate time.

NAN reports that both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are yet to receive applications from the company for the offer.

IPO is a process through which a private company or corporation raises investment capital by offering its stock to the public for the first time.

“To clarify some matters on the IPO process, no amount/value has been given by MTN Group or MTN Nigeria regarding the IPO and there was never a statement on a ‘proposed $500m IPO,” the representative said.

“In the communication we have issued to the market, we have noted that we expected this IPO process to be concluded during 2018 and there was not a specific date given.”

NAN reports that there were reports earlier that MTN Group Ltd. was perfecting plans to raise about 500 million dollars from the sale of shares in its Nigerian business in the first half of 2018.

Standard Bank Group Ltd. and Citigroup Inc. had been advising the company on the disposal of as much as 30 percent of the Lagos-based unit on the NSE.

MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay $1 billion fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.

The company recently appointed a Nigerian investment firm, Chapel Hill Denham, as lead manager for the planned sale.

It also appointed South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.