MTN Nigeria Communications (MTNN) Plc has announced that its first public offer for sale of 575 million shares recorded an over subscription of 139.47 per cent.
This is contained in a statement signed by the MTNN Company Secretary, Uto Ukpanah, and posted on the Nigerian Exchange (NGX) website.
The statement said that the offer was 139.47 per cent oversubscribed, activating the allocation of an additional 86.25 million shares.
It disclosed that 661.25 million MTNN shares were allowed, adding that 126,720 retail investors submitted valid applications and received full allotment.
The statement added that 114,938 new Central Securities Clearing System (CSCS) accounts were created, representing new market participants.
It said that approximately 76 per cent of successful applicants via digital platform were women and 85 per cent were under age 40.
The statement also said that following the successful completion of the offer, MTN Group shareholding in MTNN reduced by 3.25 per cent, from 78.83 per cent to 75.58 per cent.