Monday, 17 June 2019

Airtel Africa Targets $749 million from IPO on London Stock Exchange

...Price band between 80-100 pence per share

Bharti Airtel's arm Airtel Africa has set a price range of 80 to 100 pence per share for its planned initial public offering (IPO) on the London Stock Exchange as the mobile operator seeks to cut its debt levels.

From the issuance of about 595.2 million to 744 million new shares, the company expects to raise 595 million pounds ($749.05 million)

The company said the price range values it between 3.01 billion pounds and 3.62 billion pounds at the price range.

The telecoms giant also said it intends to list its shares on the Nigerian Stock Exchange at the same time as the London listing.

This will be the second telecoms listing this year on the Nigerian Stock Exchange after MTN listed on the Nigerian Stock Exchange last month.

The company said conditional dealings in its shares are expected to begin on or around June 28 and the final pricing will be announced the same day.

A listing by the group, owned by Bharti Airtel of India, which operates a telecoms and mobile money business across 14 African countries, has been widely expected in the market. In October it raised $1.25bn in an initial round of pre-IPO funding, plus a further $200m in January.

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