Connect with us

Innovation Africa

NIGERIA: Airtel Africa To List On NSE and LSE



NIGERIA: Airtel Africa Records Increased Revenue

Telecomm giant Airtel Africa Ltd, a subsidiary of Indian telecoms group Bharti Airtel Ltd, has announced its considerations to be listed on London Stock Exchange (LSE).

According to the company, the flotation is part of its efforts to expand its data and mobile money services across Africa.

Airtel Africa aims to raise $1 billion through an initial public offering on the LSE, offering 25% of its shares. According to reports by Reuters, Airtel upon listing aims to raise around $1 billion in its first month of listing.

The company also plans to emulate one of its major competitors in the African market space; MTN Nigeria, by listing on the Nigerian Stock Exchange (NSE), as Nigeria is the largest of the 14 African markets in which the company operates.

In a statement to the Bombay Stock Exchange the CEO of Airtel Mr Raghunath Mandava said;

“The 14 countries where we operate offer strong GDP growth potential and have young and fast-growing populations, low customer and data penetration and inadequate banking infrastructure,”

“These fast-growing markets provide us with a great opportunity to grow both our telecom and payments businesses.”

The company added that;

“In furtherance to our previous intimations in this regard, we wish to inform you that Airtel Africa, a subsidiary of the company, has announced its potential intention to undertake an initial public offering for listing its equity shares on London Stock Exchange,”

In 2018, the telecom operator raised $1.25 billion from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd.

The company also raised $200 million in January from the Qatar Investment Authority (QIA), valuing the company just under $5 billion.

Airtel Africa looks to trade on the main market of the LSE and sells 25 per cent of new shares to reduce existing debt.

JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, HSBC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd have been appointed by Airtel Africa as advisers for seamless flotation on the exchange markets.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 - Developed by Arcadia Media.