MTN Nigeria Ltd, a subsidiary of Africa’s largest telecommunications company MTN Group, has been listed on the the Nigerian Stock Exchange (NSE).
With 20 billion shares being offered initially at 90 naira ($0.25; £0.20) per share and a market capitalisation of $6bn, MTN Nigeria is the second largest listing on the NSE after Dangote Cement.
MTN Nigeria’s revenue from its services grew by 13% last year, partly driven by a big rise in the money it was getting from its data services.
The company has at times had a difficult relationship with the Nigerian authorities.
Last year, it was fined $8.1bn, a sum Nigeria’s Central Bank said had been taken out of the country illegally.
Last year MTN also agreed to pay $52.6mi to settle the Nigerian Central Bank’s claim over historic dividend repatriations.
Nigeria is MTN’s biggest market in Africa with nearly 60 million customers at the end of last year. The company is also listed in South Africa and Ghana, with expectations to list in Uganda following a push for local ownership by authorities in Kampala.