Airtel Africa Gets Listed On London Stock Exchange

Airtel Africa, the second largest telecom operator in Africa, Friday got listed on the London Stock Exchange. The firm raised £595 million through the public offering from a mix of new institutional and existing Airtel Africa investors.

The share price, however, dropped sharply  – 22% to reach 70 p,  on the debut date, as against the expectations of the market watchers. This gives Airtel Africa’s market cape market cap at 2.7 billion pound.

“The strong support we have received from institutional investors demonstrates the attractive investment proposition Airtel Africa offers the market. Since first investing in Africa almost nine years ago, we have leveraged our expertise in emerging markets to deliver on a clearly defined strategy to build Airtel Africa into a market-leading mobile service provider, increasingly expanding beyond voice into data services and Airtel Money. The Board would like to thank those involved in the process and looks forward to supporting the management team as they execute on the strategy,” said Sunil Bharti Mittal, Chairman of Airtel Africa.

“This is an exciting time for us. We are very pleased with the success of the initial public offering and welcome our new shareholders. The strength of our network and continued growth and evolution of the African telecoms sector has fuelled the demand for our shares. We have a strong track record operating in a fast-growing region. The markets we operate in have powerful and promising underlying macroeconomic and demographic trends, and we believe we are best placed to capitalise on this opportunity. We are delighted to give a broader range of investors access to the benefits of our in-depth knowledge of the markets we operate in. We have a clear strategy to continue growing and look forward to delivering it.” mark the occasion of the pricing of its initial public offering on 28 June 2019,” said Raghunath Mandava, CEO of Airtel Africa.

The Company raised gross proceeds of £595 million from a mix of new institutional and existing Airtel Africa investors.

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