Airtel Malawi aims to raise $37.5 mn via IPO

Airtel Africa aims to raise about 27.92 billion Malawian Kwacha or $37.5 million through the initial public offering (IPO) of its local business Airtel Malawi.
Airtel Africa in Kenya
The company, a subsidiary of India’s Bharti Airtel, on Tuesday set the price of the IPO at MK 12.69 or $0.021 per share, PTI reported.

The offer will comprise 1.65 billion shares, representing 15 percent of the issued share capital. An additional 55 million shares, representing 5 percent of the issued share capital will be available subject to over-allotment option, Bharti Airtel said in a regulatory filing.

Airtel Africa, which has presence in 14 countries across Africa, offers 4G/LTE, 2G and 3G wireless services, and high speed fixed broadband Internet services. Airtel Malawi was set up in 2010 as a subsidiary of Airtel Africa.

Airtel Africa earlier reported that its subscriber base crossed 100 million across its operations. Airtel Africa is the second largest mobile operator in Africa by number of active mobile subscribers on its telecom network.

Airtel Africa earlier set a price range of 80 to 100 pence per share for its initial IPO on the London Stock Exchange. The IPO is expected to raise 595 million pounds ($749.05 million) from the issuance of about 595.2 million to 744 million new shares.

Latest

More like this
Related

Tips on RCS messaging for telecom operators and enterprises

With RCS business messaging (RBM) set to experience significant...

Swisscom Q3 result shows growth in mobile connections

Swisscom Group’s Q3 2024 financial result has indicated that...

Vodafone in talks to buy Telekom Romania

Vodafone has signed a memorandum of understanding with Hellenic...

Virgin Media O2’s Q3 result shows loss of 74,300 mobile connections

Virgin Media O2’s Q3 2024 financial result indicated that...