MTN Nigeria fell 10% to a five-week low of 171 naira on
Wednesday after it set a retail public offer price that is lower than its share
price on the stock market.
The Nigerian unit (MTNN.LG) of South African telecoms group
MTN (MTNJ.J) opened its sale to retail investors on Wednesday at 169 naira per
share.
MTN listed its Nigerian business in Lagos two years ago at
90 naira each to become the second-largest stock by market capitalisation.
In March 2020, its shares fell back to the listing price due
to lockdowns to slow the spread of coronavirus.
The drop in MTN, Nigeria's second biggest listed firm,
pushed the main share index (.NGSEINDEX), down 1.73%, a three-week low.
Initial public offerings have been few in Nigeria since the
2008 global financial crisis, which wiped out more than 60 percent of the stock
market's capitalisation.
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