The telecommunications company Airtel Africa plans to list at least 500 million shares on the Nigeria Stock Exchange. The initial offer will comprise of between 14 per cent and 18.9 per cent of the firm’s shares at a price of between N363 (KSh102) and N454 (KSh128).
According to the company’s prospectus, the shares will start trading on the exchange on the 4th of July.
“It is expected that the Nigerian admission will become effective on July 4, 2019, and unconditional dealings in the ordinary shares will commence on the NSE on July 4, 2019,” read the report.
Airtel Africa revealed that the initial offer will be open to institutional investors and High Net worth Individuals only. The shares will be issued through a book building process.
The Telco is also preparing to list on the London Stock Exchange where it will sell at least 25 per cent of its shares. The firm aims to collect $750 million (KSh75.75 billion) from the London listing.
Airtel Africa is the number two mobile operator in Africa after the MTN group. The company has subsidiaries in 14 African nations including Kenya, Rwanda, Uganda, DR Congo, Zambia, Nigeria, and Seychelles.
Its CEO Raghunath Mandava told investors, “We have built Airtel Africa into the second-largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.”
Funds raised from the two listings will be used to reduce the firm’s debt which as per Reuters, stood at $4 (KSh404) billion in March 2019.