The operator group has suggested the possibility of issuing shares in three separate tiers. SEC director general Mounir Gwarzo confirmed that it would back an IPO as long as MTN abides by local laws and safeguards the interests of retail investors.
While MTN has not yet submitted a formal application for an IPO, the offering would form part of a deal with the government and would need to conform to market conditions. The operator has appointed Stanbic IBTC Capital, Standard Bank of South Africa, Standard Advisory London and Citigroup Global Markets as its transaction advisors and global coordinators.
Read more: MTN Nigeria begins IPO discussion