MTC’s IPO undersubscribed, less money for govt

Jo-Maré Duddy – Government will have to be satisfied with nearly N$581.9 million less than it hoped for from selling 49% of Mobile Telecommunications Ltd (MTC) to the private sector and public.
The results of MTC’s initial public offering (IPO), which opened on 20 September, were released this afternoon on the Namibian Stock Exchange (NSX) and JSE.
The IPO offered a maximum of 367.5 million existing ordinary shares at N$8.50 per share.
A total of 5 611 applications were received for a total of 299 045 261 shares, raising nearly N$2.542 billion. Government targeted about N$3.124 billion through the IPO.
A total of 76 applications were received from Namibian institutional investors. The value of the shares allocated to them total around N$2.405 billion.
Retail applicants amounted to 5 535, raising about N$137.2 million in total.
The NSX has approved the listing of all the issued ordinary shares of MTC on the Local Index with effect from 9:00 this Friday.