MTN seeks to raise billions through IPO

MTN Group, together with minority shareholders in its Nigerian business, is looking to raise $1 billion in an initial public offering (IPO).

According to news reports, the IPO is part of a deal MTN struck with the Nigerian government to pay a $1 billion penalty for failing to disconnect unregistered subscribers ahead of a given deadline.

While MTN is reportedly still fine-tuning any offers, according to Bloomberg, and as yet, no final decision has been made on an amount, it was announced in July that MTN Group had hired Citigroup and Standard Bank Group as advisers on the transaction. While minority shareholders may sell down their holdings or exit entirely, MTN may offer a small portion of its stake in the business.