Airtel Africa while announcing the offer price for the shares on Friday, estimated its market capitalisation at N1.4tn or $3.9bn or £3.1bn on completion of the offer.
The telecom company,announced the successful pricing of its Initial Public Offering at N363 per share on the Nigerian Stock Exchange and 80 pence per share on the London Stock Exchange.
The offer also came with a secondary listing on the Nigeria Stock Exchange with meaningful allocations to Nigerian investors,”
According to the company, the offer comprises 744,047,619 new shares — being the total of 704,819,651 new shares in respect of the global offer to institutional investors in various jurisdictions outside of Nigeria and 39,227,968 new shares in respect of the offer to qualified institutional investors and high net worth investors in Nigeria, equating to a total offer size of approximately £595m (N270bn or $750m).
Airtel Africa, a subsidiary of Bharti Airtel, said the offer was dominantly allocated to global strategic and pre-IPO investors only as well as Nigerian investors.