Airtel Africa Reveals Results Of Malawi IPO
21 February 2020
Airtel Africa has revealed that the initial public offering (IPO) of its Malawi business was a success, as the offering was reportedly fully subscribed.
It had previously been reported that the telecoms company planned to list its shares on the South-Eastern African nation’s stock market.
In December, Airtel Africa said that it would raise $37.5 million on Malawi Stock Exchange through an initial public offering that would allow the Malawian investing public to own 20% shares of the mobile operator. The listing, according to Airtel, was fully subscribed.
The total number of shares that were offered was 2.2 billion, which represents approximately 20% of shares outstanding, according to a statement that was made available on the Nigerian Stock Exchange (NSE).
Airtel Africa added that the share price had been set at $0.02 per ordinary share resulting in the gross proceeds of over $37.5million.
Airtel Africa decided to list its shares in Malawi in order to comply with the country’s laws which require the mobile operator to have at least 20% local Malawian shareholding.