MTN Group has disclosed that it will sell 575 million shares worth $241.7 million in the Nigerian unit to institutional investors and retail investors.

This is the first public offering from the telco giant since listing on the Nigeria Exchange Limited (NGX) in 2019.

The 2019 listing was consummated by introduction of 20,354,513,050 ordinary shares of MTN Nigeria at a listing price of N90.00 per share.

The company’s secretary, Uto Ukpanah via a statement said the sales would run for a month to December 2021.

“MTN Nigeria Communications PLC (MTN Nigeria) is pleased to inform the market that MTN Group Limited has announced its intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria by way of a bookbuild to institutional investors and fixed price to retail investors,” the statement reads.

“The offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021. The offer is expected to close in December 2021.

“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria.

“Further information about the offer and ways to subscribe will be provided.”