Airtel Africa Ltd’s planned initial public offering on the London Stock Exchange is expected to price at 80 pence, the bottom end of its indicated price range, one of the bookrunners handling the sale said.
Airtel Africa, a unit of India’s Bharti Airtel Ltd, last week set a price range of 80 to 100 pence per share for its IPO, which is expected to raise 595 million pounds from the issuance of 595.2 million to 744 million new shares.
The bookrunner, which said on Monday it had received indications of interest worth about $200 million from pre-IPO investors, said it had further investor orders of $100 million.
Airtel Africa Ltd, a unit of India’s Bharti Airtel Ltd, has said it intends to list its shares on the Nigerian Stock Exchange (NSE) at the same time as the London Stock Exchange (LSE).
Airtel Nigeria said the application had been made to the NSE for the ordinary shares to be admitted to the official list of the NSE.
The company said the Nigerian offer consisted of an institutional offer only, and as such, shares would be offered to qualified institutional investors and high-net worth investors in Nigeria, as defined in Rule 321 of the Securities and Exchange Commission Rules by way of book building.
According to Airtel, 501.125 million and 716.406 million shares are on offer to Nigerians.
It named the issuing houses for the offer as Barclays Securities Nigeria and Quantum Zenith Securities Investments Limited.
