Namibia's MTC raises NAD 2.5 bln in IPO

News Wireless Namibia 22 NOV 2021
Namibia's MTC raises NAD 2.5 bln in IPO

Namibian operator MTC raised about NAD 2.5 billion from the sale of 299 million ordinary shares in its IPO. The proceeds were less than the NAD 3.1 billion expected, The Namibian reported.

MTC listed on the Namibian Stock Exchange (NSX)  on 19 November following the closure of the IPO on 1 November. A total of 5,611 people, companies and institutions applied for shares in MTC, and all applicants have been allocated shares.

Over 299 million of the 367.5 million shares on offer were taken up, which leaves at least 68.5 million shares unsold. The offer was bought mainly by institutional investors, with NAD 2.4 billion shares, and retail investors brought in NAD 137 million.

The listing, which is the largest by a local company and the first by a state-owned company, saw MTC sell a 49 percent stake to the public.

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Mobile

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MTC

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Namibia

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Financial funding

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