Telecommunications company MTN Nigeria plans to sell some 30 percent of its ordinary shares to Nigerian retail investors under its initial public offering.

MTN Nigeria could sell as much as 30 percent to the investing public, to ensure that a substantial number of its shares is freely available. The company plans to raise between $400 million and $500 million through listing scheduled for the second half of 2018.

The company plans to have a free float of some 30 percent, significantly above the minimum listing requirement at the Nigerian Stock Exchange, which is 5.0 percent.

In 2016, MTN Nigeria appointed the advisory team and set out a timetable for listing on the Nigerian Stock Exchange in 2017. It appointed Nigeria’s Stanbic IBTC Capital and its affiliates Standard Bank of South Africa and Standard Advisory London and Citigroup Global Markets, as the joint transaction advisors and joint global coordinators.