NEW DELHI: Airtel Africa plc has set the issue price of its initial public offering at 80 pence (Rs 70.41) per share, the lower end of the offer price band of 80-100 pence. Based on the issue price, Bharti Airtel Ltd's Africa subsidiary will raise about $750 mn and will have a market capitalisation of $3.9 bn.
Airtel Africa has issued 744.0 mn new shares, with 39.2 mn shares issued to qualified institutional investors and high net-worth investors in Nigeria and the remaining outside of the country.
The total number of new shares, representing 19% stake, includes 67.6 mn issued on exercising the green-shoe option. Along with some of its pre-IPO investors' shareholding, this will lead to about 25% of the stock being with public. It will also have a secondary listing of its shares on the Nigerian Stock Exchange.
