Friday, July 05, 2019 / 08.00AM /
Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: Phenomenal
Telecommunications Giant Airtel Africa Plc with subsidiaries in 14 countries including Nigeria, is set to list on the Mainboard of the Nigerian stock exchange today.
At a pre-listing media interactive session organized by the Nigeria stock exchange, the Head, Listings Regulation Mr. Godstime Iwenekhai said the listing will the cross-border secondary following an Initial Public Offer, IPO by book building.
The Head, Listing Regulations also stated that Airtel Africa Plc met the regulatory requirement on Free Float, with 25% across the London Stock exchange and the Nigeria stock exchange.
He noted that Airtel Africa Plc will issue 39million shares to local investors at the price of N363.
Airtel Africa Plc on July 3, 2019 listed on the London Stock Exchange as the primary market of listing.
The listing on the NSE will lead to a total market capitalization of about N1.36trn.
At the moment Airtel Africa Plc has 87 shareholders, to which the council of the Nigeria stock exchange has given a waiver for the Telco firm to meet the requirement of 300.
The IPO according to Iwenekhai is limited to Institutional Investors and High Net Individuals, while the proceeds will be used to reduce its debt obligations and also invest in its operations across the Africa operations.
Speaking further Mr Olumide Bolumole the Divisional Head, Listing Business for the NSE believed the Airtel Africa Plc will deepen the Nigerian capital market.
Responding to questions on addressing the issues of price manipulations and any form of infraction, Mr Jude Chiemeka , Divisional Head Trading Business for NSE assured capital market correspondents that the exchange has a robust trading system, with a “SMART” surveillance and a methodology to track and detect any form of irregularity.
Airtel is now the second major telecommunications operator to list on the Nigeria stock exchange, since the full liberalization of the sector in 2001.
Parties to the Airtel Africa Plc are Barclays Stockbrokers Nigeria Limited, Quantum Zenith Securities & Investments Limited and Chapel Hill Denham Securities Limited.
Receiving agents are Greenwich Securities Limited and Chapel Hill Denham Advisory Limited.