MTN Group plans to list its Nigerian unit worth $5.23bn by July in a debut Initial Public Offer on the Nigeria Stock Exchange and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters.

MTN aims to raise at least $400m from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said.

Nigeria’s biggest telecoms operator plans to go on roadshow between May and June 2018, according to the presentation and list on Nigeria’s bourse between June and July. It will now need to appoint professional parties to the offer.

MTN Nigeria has around 402 million shares in issue, the same amount in preference shares, which it sold at $0.99 in 2007.

As part of the IPO it would split one share into 50 units, to create 20 billion shares, which would be listed on the bourse and set the IPO price via book building.

MTN declined to comment on the IPO, Reuters stated.

IPOs dried up in Nigeria after a 2008 crash wiped more than 60 per cent off the stock market’s capitalisation. The index has since recovered, gaining 42.3 per cent last year and 11 percent so far this year but IPOs have yet to resume.

MTN shares are currently traded over-the-counter in Nigeria at $13, giving it a market value of $5.23bn, down from $25bn in 2015 before a Nigerian government fine, sources said.

The company would use the proceeds of the share sale to redeem preference shares issued to existing investors who bought the shares 11-years ago and also cut its dollar exposure.