MTN Nigeria targets $1billion IPO

The MTN Group and minority shareholders in its Nigerian business are seeking to raise about US$1 billion in an initial public offering, a condition tied to the settlement of a record fine imposed by the Nigerian government.
Bloomberg reported that minority shareholders may sell down their holdings or exit entirely, while MTN may offer a small portion of its stake in the business, one of the people said, declining to be identified because the details are private.
The telecoms company is still fine- tuning any offer and no final decision has been made on the amount, the people said. MTN declined to comment.
The IPO is part of a deal struck with the federal government to pay a N330bn ($1bn) penalty for missing a deadline to disconnect unregistered subscribers.
MTN said in July that it hired Citigroup and Standard Bank Group as advisers on the transaction.
Nigeria is MTN’s biggest money spinner, accounting for more than a third of its sales and profit for a company that has a market value on the Johannesburg bourse of 220 billion rand ($15 billion).