Airtel Africa Limited plans a simultaneous listing of its shares on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE).
Airtel Africa, a subsidiary of India’s Bharti Airtel Limited, yesterday indicated it would be launching an initial public offering (IPO) on the LSE to raise £595 million, about $749.05 million. Airtel Africa plans to issue about 595.2 million to 744 million new shares at a price range of between 80 to 100 pence per share. The company was valued at between £3.01 billion and £3.62 billion.
The company said conditional dealings in its shares were expected to begin around June 28, 2019 and the final pricing would be announced the same day.
The company also confirmed ongoing arrangement for the listing of its shares on the NSE.
Airtel Networks Limited, Nigeria’s second largest telecommunication company, had said it was considering listing its shares on the NSE as the telco considers various options to further upscale its business.
Managing director, Airtel Networks Limited, Mr. Segun Ogunsanya, had said the company was looking at every option, including listing of its shares on the NSE and it will take appropriate decision at the right time.
Ogunsanya, who was one of the speakers at the 2nd edition of the CEO Roundtable organised by the NSE and Bloomberg at the Stock Exchange House, Lagos, had a brief discussion with the chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, on the prospects of listing during the pre-event session.
“We are not against listing on the NSE,” Ogunsanya said.
The recent listing of MTN Nigeria Communications, Airtel’s main rival and Nigeria’s largest telco, has further shifted attention to listing of Airtel.