The listing of the company’s shares added N1.36trillon to the market capitalization of The Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe.
Equities market, as measured by market breadth, was negative, with 20 losers and eight gainers. The laggards and gainers lists were led by Glaxosmith that depreciated by 9.78per cent and Cadbury Nigeria plc gaining 4.37per cent respectively.
The telecommunication company had announced plans to list a Cross Border Secondary listing of 3,758,151,504 ordinary shares of Airtel Africa with an offer price of N363 per ordinary share on the Main Board of The Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.
Commenting on the development, the Chief Executive Officer of Airtel Africa, Raghunath Mandava, said, “Airtel Africa is delighted to be listed on the main board of the Exchange. This is an exciting time for Airtel Africa in the 14 countries it operates in and an important milestone in our development as a leading provider of telecommunications and mobile money services in Africa.”
Speaking on the floor of the Exchange, the Chief Executive Officer and Managing Director of Airtel Nigeria, Segun Ogunsanya, said, “Nigeria is a great place for business and Airtel Africa remains committed to building a leadership position here.
“Investors have been interested to hear our story, and importantly they have been interested enough to invest in our business and are now ready to share the future with us.”
Commenting on the listing, Chief Executive Officer, NSE, Mr. Oscar Onyema, commended Airtel Africa Plc for taking the bold step to list on the Exchange.
“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates Airtel Africa’s belief that our platform, which has a total market capitalization of N25.20 trillion across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth. This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story”.
“Today’s listing is a promising development in Africa with Airtel Africa also being admitted to the premium listing segment to trade on the main market of the London Stock Exchange (LSE). This lends credence to the successful partnership between the two exchanges. I encourage similar situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa. It offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The Group offers traditional mobile voice services, with an increasing focus on data and non-voice services through the expansion of its 3G and 4G networks.