Airtel lists 3.7 billion shares on NSE

Airtel Africa Plc has listed 3,758,151,504 ordinary shares on the main board of the Nigerian Stock Exchange.

The NSE said the shares were listed at an offer price of N363 per ordinary share.

It added that the listing of the company’s shares added N1.36tn to the total market capitalisation of the Exchange, further deepening the market.

“It will also increase the visibility of Airtel Africa to investors on the continent and across the globe,” the NSE said in a statement.

The Chief Executive Officer, Airtel Africa, Mr Raghunath Mandava, said the company was delighted to be listed on the main board of the Exchange.

He said, “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.”

The Chief Executive Officer/Managing Director, Airtel Nigeria, Mr Segun Ogunsanya, said the company remained committed to building a leadership position in the country, describing Nigeria as a great place for business.

He noted that investors had been interested to hear the company’s story to invest in the business and share the future with them.

The Chief Executive Officer, NSE, Mr Oscar Onyema, commended Airtel Africa for taking the bold step to list on the Exchange.

He said, “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 the firm’s belief that our platform, which has a total market capitalisation of N25.20tn 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.”

The listing lifted the market capitalisation of equities listed on the NSE from N12.909tn on Monday to N14.288tn on Tuesday.

The All Share Index increased slightly by 0.10 per cent to 29,318.02 basis points from 29,287.87bps on Monday.

However, performance across sectors was negative as all sectors closed on a negative note.

Analysts at Afrinvest Securities Limited said, “Our bearish outlook on the market remains unchanged as we believe Tuesday’s bullish run is only temporary.”

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