Airtel Africa's London IPO price set at 80-100 pence per share; company to raise up to $750 mn

Bharti Airtel on Monday announced the price range of its Africa business IPO on the London Stock Exchange at 80-100 pence per ordinary share, through which the company expects to raise $750 million (approximately Rs 5,236 crore)

Press Trust of India June 17, 2019 14:35:24 IST
Airtel Africa's London IPO price set at 80-100 pence per share; company to raise up to $750 mn
  • The offer is expected to comprise approximately 595.2 million-744.0 million new shares, to be issued by Airtel Africa

  • The final pricing is expected to be announced on or around 28 June, 2019, on the London Stock Exchange

London: Bharti Airtel on Monday announced the price range of its Africa business IPO on the London Stock Exchange at 80-100 pence per ordinary share, through which the company expects to raise $750 million (approximately Rs 5,236 crore).

"The price range for the offer has been set at 80 pence to 100 pence per ordinary share, implying a market capitalisation on admission of between 3,007 million and 3,623 million pounds (approximately $3,788 million-4,565 million)," Airtel Africa said in a London Stock Exchange filing.

Airtel Africas London IPO price set at 80100 pence per share company to raise up to 750 mn

Airtel logo. Reuters.

The offer is expected to comprise approximately 595.2 million-744.0 million new shares, to be issued by Airtel Africa, to raise gross proceeds of approximately 595 million pounds (approximately $750 million), including the over-allotment option (green-shoe option), the filing said.

"10 percent of the offer (100 percent: primary) is expected to be made available pursuant to the over-allotment option... Excluding the over-allotment option, the offer is expected to comprise approximately 541.1 million-676.4 million new shares to be issued by the company to raise gross proceeds of approximately 541 million pounds (approximately $682 million)," the filing said.

The final pricing is expected to be announced on or around 28 June, 2019, on the London Stock Exchange, according to the filing.

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