MTC raises N$2.541bn from IPO

Mobile Telecommunications Limited (MTC) has raised N$2.541 billion from a targeted N$3.124 billion from its Initial Public Offering (IPO) which closed at the beginning of the month.

Figures released on Wednesday show that 5611 applications were received for 299 045 261 shares out of 367.5 million shares on offer.

All 5535 applications from the public worth N$137.242 million were fully allocated, with 76 institutional investors allocated N$2.405 billion worth of shares.

The 367.5 million shares put on offer were equal to a 49% stake owned by the Government through the Namibia Post and Telecommunications Holdings Limited (NPTH).

Government has already hinted on the possibility of using 50% of proceeds from the IPO as seed capital to kick start the much-anticipated Sovereign Wealth Fund (SWF), dubbed the Welwitschia Fund, which is expected to be operational before the end of the year.

MTC is expected to list on Friday on the Namibian Stock Exchange.

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Last modified on Friday, 19 November 2021 16:50

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