Airtel Africa, the parent company of Airtel Nigeria, will be listing through a cross border secondary listing at N363 per share on Friday, following an Initial Public Offering by way of book building, a circular from NSE said.
“Having two big telecommunications companies in our market is a testament of the Exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment.
“These listings create telecoms and technology asset class for investors and provide opportunities for a wider group of Nigerians to be part of the Nigerian telecom growth story,” NSE said.
Business Insider SSA by Pulse reports that Airtel Africa Plc had listed on the London Stock Exchange (LSE) through the primary listing exchange while Nigerian listing is secondary.
Heres everything you need to know about Airtel Africas listing on Nigerian Stock Exchange:
- Airtel Africa is listing on the Main Board of the Exchange, subject to regulatory approvals.
- The listing will be through IPO by way of book building, issued 39,227,968 ordinary shares of $0.50 each at N363 per share in Nigeria and 637,178,959 ordinary shares of $0.50 each at £0.80 per share in London.
- Airtel is listing its entire issued share capital of 3,758,151,504 ordinary shares at $0.5 per share on the LSE and NSE.
- The value of the total shares to be listed in Nigeria is N1.36 trillion, based on the listing price of N363.
- NSE said the free float of Airtel across the LSE and the NSE at the close of the book building is about 25%.
Airtel Africa Plc is coming few months after MTN listed on the Nigerian bourse. In May, the Nigerian Stock Exchange (NSE) admitted MTN Nigeria Communications Plc to list shares on the stock market and joined the country's Premium Board, listing by introduction of 20.35 billion (20,354,513,050) ordinary shares at N90 per share.