Business
Airtel announces N363 per share IPO on NSE
Airtel Africa on Friday announced the successful pricing of its Initial Public Offering at N363 per share on the Nigerian Stock Exchange, and 80 pence per share on the London Stock Exchange.
The telecom company also estimated its market capitalisation at N1.4tn or $3.9bn or £3.1bn on completion of the offer.
Airtel Africa, a subsidiary of Bharti Airtel, said the offer was dominantly allocated to global strategic and pre-IPO investors only, as well as Nigerian investors.
According to the company, the offer comprises 744,047,619 new shares — being the total of 704,819,651 new shares in respect of the global offer to institutional investors in various jurisdictions outside of Nigeria and 39,227,968 new shares in respect of the offer to qualified institutional investors and high net worth investors in Nigeria, equating to a total offer size of approximately £595m (N270bn or $750m).
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“The offer also came with a secondary listing on the Nigeria Stock Exchange with meaningful allocations to Nigerian investors,” it added.
Commenting on the announcement, the Chief Executive Officer, Airtel Africa, Raghunath Mandava, said, “We are delighted by the strong response we have received from the many high-quality investors from around the world”.
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