Airtel Africa Sells Shares at N363 On NSE

• Airtel Africa Sells Shares at N363 On NSE

Airtel Africa has concluded the pricing of its Initial Public Offering (by the book) at N363 per share on Friday.

The telecommunication company will list on the London Stock Exchange at 80 pence per share and N363 per share on the Nigerian Stock Exchange.

Airtel Africa, while announcing its offering price on Friday, estimated its market capitalisation at N1.4 trillion or $3.9 billion or £3.1 billion on completion of the offer.

According to the company, the offer was dominated by global strategic and pre-IPO investors only. Only a few high net-worth Nigerian investors were allowed to part-take in the sale of the shares.

A total of 744,047,619 new shares valued at N270 billion or $750 million were offered to qualified institutional investors and high net worth individuals outside Nigerian and in Nigeria

A total of 39,227,968 new shares worth N142,397,523.84 were sold to high net worth Nigerians at N363 per share.

The company said the offer represents 19 percent of the company’s total value.

“The offer also came with a secondary listing on the Nigeria Stock Exchange with meaningful allocations to Nigerian investors,” it added.

Speaking on the listing, 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. This is a proud moment for the team that has built Airtel Africa into the second largest mobile operator in Africa.”