22.4 C

Airtel Africa to float 25% of shares on London Stock Exchange, considers NSE



1min read

FEW weeks after MTN Nigeria went public on the Nigeria Stock Exchange, Airtel Africa Ltd, a subsidiary of Indian telecoms group Bharti Airtel Ltd, is considering a stock market flotation in London with plans to go public on the Nigeria Stock Exchange too.

The company on Tuesday said it was part of its efforts to expand its data and mobile money services across Africa, with plans to trade on the main market of the LSE and NSE.

Using its premium listing segment, which has more stringent rules than the European Union’s minimum requirements, Airtel intends to sell 25 per cent of new shares to reduce existing debt.

“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 a great opportunity to grow both our telecom and payments businesses,” Raghunath Mandava, chief executive Airtel said in a statement.

The company is aiming to raise around $1 billion in a June equity offering, Reuters reported.

The cash injection from existing investors has already helped to reduce Airtel Africa’s net debt to $4 billion in March, compared to $7.7 billion in the previous year. Its net income reached $83 million in the year to March, compared to a net loss of $49 million a year earlier.

- Advertisement -

The telecom company operates in 14 African markets including Nigeria, Democratic Republic of the Congo, Kenya, Rwanda, Seychelles, Uganda and Zambia.

The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, HSBC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd as advisers if the flotation plans proceeds.


Support the ICIR

We need your support to produce excellent
journalism at all times.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.



Drug importation: I uncovered N13.42m in defendant’s account – Witness

A witness in the alleged drug importation case instituted by the Nigerian Drug Law...

Police confirm kidnap of commissioner in Bayelsa

THE Police in Bayelsa have confirmed the kidnap of Bayelsa State Commissioner for Industry,...

I have been blocked from seeing Buhari, says Ortom

BENUE State Governor Samuel Ortom has revealed that he has been blocked from seeing...

SND opens application for News Design Creative Competition.

THE Society for News Design (SND) is accepting entries for its Best of News Design...

Don’t send me back to school, they will kill me, Elkenemy College student writes parents

By: Hamza SULEIMAN JUBRIL Sadi Mato (Ramadan), an 11-year-old JSS 1 Student of Elkenemy College...

Most Read


Subscribe to our newsletter