Airtel Africa lists 3.7bn shares on NSE, adds N1.3trn to market cap

Airtel Africa lists 3.7bn shares on NSE, adds N1.3trn to market cap

Airtel Africa listed a total of 3,758,151,504 ordinary shares on the Nigerian Stock Exchange on Tuesday, joining MTN Nigeria on the bourse.
TheCable reports that the shares, which were listed at an offering price of N363 per ordinary share, closed at N399.30 per share.
The listing added N1.36 trillion to the market capitalisation of the exchange.

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Commenting on the listing, Oscar Onyeama, chief executive officer of the Nigerian Stock Exchange (NSE), said: “Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular.
“This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.
“Today’s listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange.

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“This gives credence to the successful partnership between the two exchanges. I encourage similarly situated companies to explore the different opportunities for raising capital on the Exchange’s platform.”
Proceeds from the initial public offering would be mainly used for debt reduction.
The issuing houses for the offer are Barclays Securities Nigeria and Quantum Zenith Securities Investments Limited.