Info-tech

Airtel Africa to raise $37.5 mn through Airtel Malawi IPO

Our Bureau Mumbai | Updated on December 24, 2019 Published on December 24, 2019

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.

Published on December 24, 2019
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