Bharti Airtel has priced the initial public offer of its subsidiaryat 80 pence per share, and based on this the market capitalisation of the subsidiary will be approximately £3.1 billion ($3.9 billion) upon completion of the offer, Bharti Airtel said in an exchange filing on Friday.
The offer was oversubscribed with strong interest from global investors across the United Kingdom, United States, Africa, Europe, West Asia and Asia, the company said, adding that dominant allocation was to global long only, strategic and pre-IPO investors.
Moreover, the IPO comes with a secondary listing on the Nigeria Stock Exchange.
We are now the first telecom company to simultaneously list on the Premium segment of the London Stock Exchange and Nigerian Stock Exchange through an IPO. We welcome our new investors and look forward to continuing to execute our strategy and deliver the growth opportunities across our markets in voice, data and mobile money, Raghunath Mandava, CEO of Airtel Africa said.
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