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

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. [caption id=“attachment_4200013” align=“alignleft” width=“380”] Airtel logo. Reuters.[/caption] 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.