MTN Ghana,  South African telecommunications company MTN Group's unit, has raised 1.1 billion cedis ($237 million) as the wireless carrier sold about a third of the shares it made available in an initial public offering.

MTN Ghana has set 10 percent of the target as the minimum required to complete the sale and the proceeds are more than three times larger than the previous initial public offering.

The shares will be listed on the Ghana stock exchange with trade due to start on September 5.

MTN Ghana sold 1.5 billion shares of the 4.6 billion shares offered at $3.93 each in a sale that ended last month.