Airtel Africa Sells 2.2bn Shares in Malawi IPO

• Airtel Africa Sells 2.2bn Shares in Malawi IPO

Airtel Africa Plc on Friday announced it sold a total share of 2,200,000,000 during its Initial Public Offer (IPO) in Malawi.

The telecommunication giant with operations in 14 African nations said the total sold shares represented 20 percent of the company’s outstanding shares.

While each share was sold at MK 12.69 (USD 0.02), the company raised MK27.92 billion (USD 37.5 million).

In a statement signed by the Group Company Secretary, Simon O’Hara, and released through the Nigerian Stock Exchange (NSE), the telecom giant said: “All ordinary shares offered in the IPO have been fully subscribed. The total number of offered shares amounted to 2,200,000,000, representing 20 percent of shares outstanding.”

“The price has been set at MK 12.69 (USD 0.02) per ordinary share resulting in gross proceeds of approximately MK 27.92 billion (USD 37.7 million).”