Airtel Nigeria files application for listing on NSE – SEC

Airtel Nigeria

Airtel Nigeria has officially filed an application with the Securities and Exchange Commission for the listing of its shares on the Nigerian Stock Exchange.

Top sources at the commission on Tuesday that the telecom company’s application was filed two weeks ago, that SEC was presently examining the application in line with its rules and regulations.

The source added that the application would be given express consideration if the company met all the requirements for listing on the nation’s bourse .

The parent company of the telco, Bharti Airtel, in its filing in London on Monday, said that it intended to list the shares on the NSE at the same time with the listing of its Africa unit at the London Stock Exchange.

The company said although the listing on the NSE was on, it had set a price range of 80 to 100 pence per share for its planned Initial Public Offering (IPO) on the LSE.

The company said conditional dealings in its shares were expected to begin on or around June 28, and the final pricing would be announced the same day.

The IPO for the London listing is expected to raise 595 million pounds (749.05 million dollars) from the issuance of about 595.2 million to 744 million new shares.

The company said the value of the offer ranged between 3.01 billion pounds and 3.62 billion pounds.

The planned listing of Airtel Nigeria on NSE follows the successful listing by introduction of MTN shares on the premium board of Nigeria’s bourse , as part of a condition for failing to disconnect 5.1 million unregistered SIM cards in Nigeria.

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