Airtel Africa, the second largest mobile operator in Africa by number of active subscribers, intends to raise about 27.92 billion Malawian Kwacha ($37.5 million) through the Initial Public Offering (IPO) of its local business Airtel Malawi. The company, a subsidiary of India’s Bharti Airtel, on Tuesday set the price of the IPO at MK 12.69 ($0.021) per share.
The offer will comprise 1.65 billion shares, representing 15 per cent of the issued share capital. An additional 55 million shares, representing 5 per cent of the issued share capital will be available subject to over-allotment option, Bharti Airtel said in a regulatory filing.
Airtel Africa, which has presence in 14 countries across Africa, offers 4G/LTE, 2G and 3G wireless services, and high speed fixed broadband Internet services. Airtel Malawi was set up in 2010 as a subsidiary of Airtel Africa.
Source: The Hindu