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MTN Nigeria drops 10% after low IPO pricing - Metro US

MTN Nigeria drops 10% after low IPO pricing

FILE PHOTO: FILE PHOTO: The logo of MTN is pictured in Abuja

ABUJA (Reuters) – 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 of South African telecoms group MTN opened its sale to retail investors on Wednesday at 169 naira per share.

(Reporting by Chijioke Ohuocha; editing by Jason Neely)

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