Telecom giant, MTN, has raised over GHS1.14 billion in its historic Initial Public Offering (IPO) which was launched in May, this year.

This amount represents 32.97 percent of the total offer amount of GHS 3.47 billion.

The offer period, which ran from May 29 to July 31 2018, saw investor demand, exceeding the minimum expected amount of GHS347 million required to declare the offer as successful.

The amount raised thus represents 3.3 times the minimum amount required for success.

Shares acquired by 127,826 Ghanaian applicants, out of the total of 128,152 applicants, is valued at about GHS 443 million.

Non-Ghanaians applicants, numbering 326, accounted for a total share value of GHS 702,958,018.50, or 61.31 percent of total amount raised.

Out of the total of 128,152 applicants, 499 were institutional investors, who accounted for 1,367,386,080 shares, valued at GHS1, 025,539,560, translating into 89.44 percent of the total amount raised.

The remaining 127,653 were retail investors, who accounted for 163,088,280 shares, amounting to GHS121, 049,904, or 10.56 percent of the total amount.

Speaking at a ceremony to announce the completion of the offer, MTN’s CEO, Selorm Adadevoh, said a total number of 108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6 percent of the number.

“The fact that 84.6 percent of applicants chose to use Mobile Money channel demonstrates another use case for Mobile Money and will accelerate financial inclusion in the capital markets of Ghana, for many people in this country who would not ordinarily have access to the capital markets,” Adadevoh said.

He added that, with this share offer raised, MTN Ghana will have the largest number of Ghanaian shareholders of all the companies listed on the Ghana Stock Exchange.

Adadevoh disclosed that all successful applicants will be allotted all the shares they applied for and those with Central Securities Depository (CSD) accounts will have their accounts credited with their allotment by September 4, 2018.

The first day of trading of the MTN Ghana shares is expected to be September 5, 2018.

“Shareholders will be able to monitor and trade their MTN Ghana shares by contacting a licensed dealing member of the Ghana Stock Exchange,” he said

The offer is the biggest in the country in recent times and the largest in the history of the Ghana Stock Exchange (GSE).

Before the Initial Public Offering, there were concerns that considering the size of Ghana’s economy, MTN may struggle to raise the targeted amount as the telecoms giant, through the IPO, has given out about 35 percent of the business to the public.