The much-anticipated Mobile Telecommunications Limited (MTC) Initial Public Offering (IPO) closed on Monday.
However, results of the IPO will only be announced after two weeks when collating has been done, according to IJG CEO Mark Spath, one of co-sponsors of the listing.
“From now until the 17th of November it’s an administration process that will be taking place. So, it’s a waiting game until the results are announced on the 17th of November, with the listing expected to take place on the 19th Of November. That is when trading of the shares will start on the Namibian Stock Exchange,” Spath told The Brief.
Further quizzed if the MTC IPO had been oversubscribed, the IJG boss remain tight lipped.
“Unfortunately, I cannot say, we just have to wait until the 17th of November for the announcement,” he said.
This comes as institutional investors had pre-committed for 80% of the MTC shares on offer worth N$2,4 billion, at a listing price of N$8.50, leaving only N$732 million to be raised from the public.
Spath said refunds for unsuccessful applicants will only take place after the 17th of November.
“Refunds will only take place for those that might have filled in their forms incorrectly,” he said.
With 367.5 million shares on offer, equal to a 49% stake, the Government through the Namibia Post and Telecommunications Holdings Limited (NPTH) is expected to raise N$3,123,750,000 from the IPO.
