Airtel Africa to start trading on Nigerian Stock Exchange July 5

The Nigerian listing will come two days after the African telecom firm will commence trading on the London Stock Exchange.

“UK Admission is expected to become effective and unconditional dealings are expected to commence on the London Stock Exchange 3 July 2019 and Nigerian Admission is expected to become effective and unconditional dealings in the Shares sold pursuant to the Nigerian Offer is expected on or around 5 July 2019,” the company said in a document seen by Business Insider SSA on Friday.

Nigerian Stock Exchange building. ece-auto-gen

The simultaneous listing on the Premium segment of the London Stock Exchange and Nigerian Stock Exchange will allow the telco to reduce its existing debts and value the company at N1.4 trillion ($3.9 billion) market cap.

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Last year, Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, appointed eight banks for its IPO. The global banks are JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays BankPlc, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd.

Airtel currently operates 14 countries in Africa and Nigeria is its largest market.

In May, MTN, 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.