MTN Nigeria has announced that its first public offer for sale of 575 million shares recorded an oversubscription of 139.47 per cent.
This is contained in a statement signed by the MTNN Company Secretary, Uto Ukpanah, posted on the Nigerian Exchange (NGX) website.
The statement said that the offer was 139.47 per cent oversubscribed, activating the allocation of an additional 86.25 million shares.
The statement added that 114,938 new Central Securities Clearing System (CSCS) accounts were created representing new market participants.
It said that approximately 76 per cent of successful applicants via digital platforms were women and 85 per cent were under age 40.
The statement also said that following the successful completion of the offer, MTN Group shareholding in MTNN was reduced by 3.25 per cent, from 78.83 per cent to 75.58 per cent.
“We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium,” Mupita said.
Also, Mr Karl Toriola, Chief Executive Officer, MTNN said: “we are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.