Airtel targets £3.6B valuation for Africa unit
21 June 2019
Airtel finalised plans for the £595 million IPO of a stake of its Africa business, with shares scheduled for conditional trading on the London Stock Exchange from 28 June.
In a filing aimed at investors, the company said shares would be priced at between £0.80 and £1 each, equivalent to a valuation for the whole business of between £3 billion and £3.6 billion. Full trading of its shares is expected to begin on 3 July.
The company also plans to list on the Nigerian stock exchange, subject to receiving appropriate approvals.
Airtel Africa comprises operations in 14 markets primarily across East, Central and West Africa.
In the majority of its units the company runs both telecoms and mobile money services, with the business making a number of moves in recent months to consolidate its position in key countries.
Last week news emerged it had resolved a long-running dispute with authorities in Tanzania, while attempts to merge its business in Kenya with rival Telekom Kenya are ongoing.
Airtel Africa CEO Raghunath Mandava said: “We have built Airtel Africa into the second largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.”
“Our leadership position, positive track record and the exciting growth opportunities in the markets where we operate, have resulted in significant interest in our business,” he added.