- July 3, 2019
- Posted by: Myles Freedman
- Category: Finance, More Africa News
Airtel Africa has fallen below its initial listing price in its first week of trading. The IPO was priced at GBP 0.80 per share, the bottom of the indicated price range. The stock opened on 28 June at below 68 pence and is since trading at around 71 pence.
Airtel said the offer was oversubscribed, with strong interest from global investors across the UK, US, Africa, Europe, Middle East and Asia. The offer also came with a secondary listing on the Nigeria Stock Exchange, with meaningful allocations to Nigerian investors.
The sale of just over 744 million new shares, or 19 percent of the total outstanding, resulted in gross proceeds of GBP 595 million. The free float totals 25 percent of outstanding shares, due to the pre-IPO allocation to several investors.
On the basis of the offer price and including the over-allotment option, Airtel Africa was valued in total at GBP 3.1 billion.