Institutional investors eye 283m shares in MTC IPO

Of the 367.5 million shares on offer as part of the Mobile Telecommunications Limited (MTC) Initial Public Offering (IPO), selected Namibian institutional investors have provided pre-commitments to subscribe to a minimum of 282,899,160 shares worth N$2,4 billion, at a listing price of N$8.50.

If allocated in full, only 83.6 million shares valued at N$710.6 million will be left for allocation to members of the public.

According to the MTC prospectus, prospective shareholders are expected to apply for a minimum of 200 shares at a price of N$8.50 per share.

With 367.5 million shares on offer to the public, equal to a 49% stake, Government through the Namibia Post and Telecommunications Holdings Limited (NPTH) is expected to raise N$3,123,750,000 from the Initial Public Offering (IPO), giving the telecoms company an evaluation of more than N$6 billion.

Application for the telecoms company shares is set to run from the 20th of September, closing on the 1st of November 2021.

This comes as the Namibian Stock Exchange granted MTC a listing on the local bourse under the abbreviated name “MTC Limited”, share code “MOC” and ISIN NA000A3CR803, with effect from the start of trade on 19 November 2021.

Government through the Namibia Post and Telecommunications Holdings Limited (NPTH) is currently the majority shareholder in the business.

The public offer has not been underwritten.

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Last modified on Saturday, 25 September 2021 12:18

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