How RMB Facilitated MTN Nigeria Public Offer

RMBN in Nigeria has revealed that it played a leading role in MTN Nigeria series one public offer for the sale of 575 million ordinary shares held in the telco.
RMB in Nigeria (RMBN) acted as adviser, joint issuing house and bookrunner to MTN Nigeria on the transaction.
This was achieved by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (retail offer).
With the public offer, MTN Nigeria broadened its local subscriber base, consolidated on its effort to revolutionise telecoms and technology in Nigeria and provided an avenue for Nigerians to share in the growth and value the business creates.
The public offer had followed the listing by introduction of MTN Nigeria shares on Nigerian Exchange in 2019 and is the first step of a series of offers for MTN Group to sell-down up to 14 per cent shareholding in MTN Nigeria.
The public offer was sold to retail investors at N169 per share and was the first to be delivered digitally in Nigeria through the primary offer platform developed by Nigerian Exchange (NGX).
The offer was oversubscribed by 139 per cent. In accordance with the provisions of the offer prospectus, MTN Nigeria added 86.25 million additional shares, which amounted to 15 per cent of the subscriptions, to absorb for the oversubscription.
Chidi Iwuchukwu; Head of IBD and Banking Division for Rest of Africa said, “RMB provided strategic independent advice in the management of key stakeholders to the transaction including MTN Nigeria, and the investing community. In addition to this, the corporate finance advisory team provided support with the marketing of the public offer to local institutional investors and retail investors.”
RMBN alongside RMBN Stockbrokers, toured the country with the client in a series of roadshows to sensitise people about the public offer. The team was able to leverage on the bank’s strong relationship with other finance houses as well as the brokerage community to drive retail participation to ensure a successful outcome.
The public offer is a monumental accomplishment for the Nigerian Capital Market as the first public offer to be delivered through a digital platform, thereby ensuring wider investor participation and ease for investors.
Iwuchukwu added: “The Offer for Sale represents a significant milestone for MTN Nigeria and also the Nigeria capital market. RMB is proud to have acted as joint issuing house and bookrunner on the offer and remains a trusted adviser to MTN Nigeria.”