MTN Ghana raises $238.5 million in IPO, misses target

MTN Group said on Thursday its Ghana unit raised 1.14 billion cedis ($238.5 million) in the largest initial public offering in the West African country but failed to reach its target.
Telecoms operator MTN had hoped to raise 3.47 billion cedis from selling about 4.63 billion shares representing up to 35 percent of the issued shares of MTN Ghana at 0.75 cedis per share, it said in a statement. It only sold 1.53 billion shares.
MTN’s Group said its stake in MTN Ghana will be 85.40 percent.