Airtel Africa To List In Nigeria

Airtel Africa shares will be listed on the Nigerian Stock Exchange on Tuesday, the bourse said, after it postponed the $4.4 billion listing last week.

The secondary listing had been planned for July 5. However, the stock exchange postponed it to ensure the telecoms company met its requirements.

Bharti Airtel two weeks ago offered shares in its African unit via a London IPO and said it would dual list in Nigeria, its biggest market in Africa.

Nigeria’s bourse said it postponed the cross-border listing of 3.76 billion shares of Airtel Africa, but allowed Airtel to go ahead with an investor presentation. It said that it would inform the market on when the conditions had been met.

Airtel set its Nigerian listing price at 363 naira per share, the bourse said earlier, via a book building process which valued the company at 1.364 trillion naira ($4.44 billion).

In May, Africa’s biggest telecoms firm MTN listed its Nigerian unit in Lagos in a $6.5 billion float that made it the second-largest stock on the bourse by market value.―Livemint