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Airtel Africa IPO raises USD750m

1 Jul 2019

Airtel Africa, the African division of Indian telecoms group Bharti Airtel, raised around USD750 million through a joint listing on the London and Nigerian stock exchanges, the operator confirmed in a regulatory filing on Friday. The initial public offering (IPO) comprised 744 million shares priced at GBP0.8 (USD1.02), representing around 19% of the company’s issued share capital. A further 67.6 million shares are being made available via an over-allotment option. Following the listing, Airtel Africa will have more than 25% of its shares in free float, the company added, ‘as certain pre-IPO investors’ holdings will constitute free float’. The issue price of GBP0.8 represented the bottom end of Airtel’s previously-announced price range of GBP0.8-GBP1.0, and the share price immediately fell to around GBP0.68, the Economic Times reports. Airtel will use the proceeds to cut its debt burden, which stands at around USD15 billion.

India, Airtel Africa, Bharti Airtel

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