TELECOMS
Subscriber rise bodes well for MTN’s IPO
MTN’s share price rises 1.8% after the group releases positive subscriber numbers from Nigeria
The strong first-quarter performance by MTN’s Nigerian business will boost sentiment ahead of that unit’s initial public offering (IPO), which is expected later in 2018, says Africa Analysis director Dobek Pater. MTN’s share price rose 1.8% to R128.50 on Monday after the group said subscriber growth in Nigeria accelerated in the three months to March. MTN Nigeria reported net subscriber additions in the quarter of 2.3-million, from 2-million in the fourth quarter of 2017. This helped lift local-currency service revenues by 14.5% compared to a year before. MTN plans to list its Nigerian business in 2018. "I expect a lot of interest in the MTN IPO in Nigeria. The good first-quarter results … which promise a positive year ahead … will certainly help this," said Pater. Investor interest would have been healthy "even with poorer results", he said. MTN Nigeria had "very good prospects" because data consumption and the adoption of digital services continued to grow in the country, which MT...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.