Mobile phone giant, MTN Group is perfecting the details of its proposed Nigeria Initial Public Offering (IPO).The company said in Abuja on Monday that it was yet to file applications for the proposed offer.
Both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are yet to receive applications from the company for the offer.
It said that the detailed process and work stream on the IPO were currently underway and would be announced at the appropriate time.
The IPO is the process through which a private company or corporation raises investment capital by offering its stock to the public for the first time.
MTN had been reported to be bracing for IPO valued at $500 million.
“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,” MTN representative said.
The 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 Nigerian Stock Exchange (NSE).
MTN had agreed to list the Nigerian unit as part of June 2016 agreement to pay one billion dollars fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.
MTN recently appointed a Nigerian investment firm, Chapel Hill Denham, as lead manager for the planned sale of $500 million shares in its Nigerian business.
It also appointed South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital as joint issuers to the offer.
The telecoms firm also appointed seven placement agents that would help market the shares.