Airtel Africa Limited, a subsidiary of the India’s Bharti Airtel Limited, has declared intentions to float its shares simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE).
The company made this known in Lagos, on Monday that it plans to list its shares on the London Stock Exchange for a set share price of the range 80 to 100 pence per share in its intended Initial Public Offering (IPO).
The telecoms group is pushing ahead for a target valuation of up to £3.6 billion, which implies an increase from £3.007 billion to £3.623 billion; excluding any option of over allotment.
Commenting on the plan by the second largest mobile operator in Africa with significant presence in over 14 countries on the continent, the Chief Executive of Airtel Africa, Raghunath Mandava, said :
“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.
“Our leadership position, positive track record and the exciting growth opportunities in the markets where we operate, have resulted in significant interest in our business.”
The mobile operator had hinted that conditional dealings in its shares are expected to commence on or around June 28, with the final pricing announcement being made same day.
Airtel operates a mobile money business and a telecoms business in 14 countries on the African continent. The telecoms giant wants to list the Nigerian bourse in an attempt to cut its debt levels.
Listing on the both the NSE and the LSE will see Airtel float new shares of between 595.2 million to 744 million. It will raise a total £595 million, which is inclusive of an overallotment option.
At least 25% of the stock is expected to float freely immediately following the IPO.