MTN Nigeria drops 10% after low IPO pricing

This post was originally published on this site

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.