Airtel Africa to list in London and Nigeria in debt reduction push

Airtel Africa – one of the continent’s biggest telecoms businesses – has confirmed it will list on the London Stock Exchange by the end of the month, in a bid to reduce its net debt.

The group set a price range for the float at between 80p and 100p per share, providing the firm with a market capitalization between £3 billion and £3.6 billion.

It will offer between 595.2 million and 744 million new shares in order to raise £595 million in equity, including a 10% over-subscription option.

The company also said it will list shares on the Nigerian Stock Exchange at the same time. Airtel Africa is owned by Indian telecoms giant Bharti Airtel and operates its telecoms and mobile money business across 14 African countries.

Raghunath Mandava, chief executive of Airtel Africa, 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.

“We are excited to be able to give an opportunity to a broader audience of institutional investors to participate in some of the fastest growing telecom and payment markets in the world through the IPO of Airtel Africa shares on the London Stock Exchange.”